Oil prices added losses from the previous session on Thursday, falling by more than 2% because investors are worried that an aggressive increase in US interest rates could cause a recession and reduce fuel demand.
West Texas Intermediate (VTI) futures fell 2.9 percent to $ 103 a barrel. Brent oil futures fell 2.5 percent to $ 108 a barrel.
Both benchmarks fell about 3% on Wednesday and reached their lowest levels since mid-May.
Investors remain worried that central banks could push the world economy into recession by raising interest rates.
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The Federal Reserve is not trying to produce a recession to stop inflation, but is fully committed to keeping prices under control even if it risks an economic downturn, US Central Bank chief Jerome Powell said on Wednesday.
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President Biden has called on Congress to pass a three-month suspension of the federal gas tax to help fight record gas prices.
Average price for a gallon of gasoline slipped again on Wednesday, staying below the $ 5 threshold for the fifth day in a row, according to AAA.
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The price of a gallon of gasoline dropped to $ 4,955, according to AAA. The price dropped to $ 4,968 on Tuesday.
Reuters contributed to this report.
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