The crude oil prices continued to slide back on Thursday as investors reassessed recession risks and how fuel demand will be affected by higher interest rates.

At 1111 GMT, the Brent crude oil futures LCOc1 They fell 28 cents, or 0.25%, to $111.45 a barrel, after falling as low as $108.04 in the session.

The futures of West Texas Intermediate US (WTI) oil CLc1 fell 45 cents, or 0.42%, to $105.75 a barrel, after hitting a session low of $102.32.

Both benchmarks lost 3% on Wednesday and are at their lowest level since mid-May.

Investors are still assessing how much they should worry about central banks pushing the global economy into recession as they try to curb inflation with rate hikes.

“Recession fears have gripped the markets, but the mood is more one of fading optimism than rising pessimism,” said Julius Baer analyst Norbert Rucker.

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