ANKARA: Oil prices fell on Wednesday as markets worry that aggressive interest rate hikes to stem inflation will spur an economic downturn, further curbing the oil demand, reported Anadolu Agency.
International benchmark Brent crude was trading at US$99.34 per barrel at 9.10 am local time (0610GMT) for a 0.15 per cent decrease after the previous session closed at US$99.49 a barrel.
American benchmark West Texas Intermediate (WTI) was at US$95.78 per barrel at the same time on Wednesday for a 0.06 per cent loss, as the previous session closed at US$95.84 a barrel.
Oil prices continued to fall as central banks' move to aggressively increase interest rates to combat inflation raised fears of a stronger global recession.
Fears of lower global oil demand put negative pressure on prices as central banks worldwide increase interest rates to tame the inflation and a new wave of Covid-19 pandemic forces Chinese cities to take drastic action.
Market players are keeping a tight eye on US President Joe Biden's travel to the Middle East, where he is anticipated to urge Saudi Arabia and other Gulf producers to increase their oil supply to support price stability.-Bernama