Oil prices added to losses from the previous session on Thursday, falling more than 2% as investors feared that aggressive interest rate hikes in the United States could trigger a recession and hit fuel demand. .
US West Texas Intermediate (WTI) crude futures fell 2.9% to $103 a barrel. Brent crude futures fell 2.5% to $108 a barrel.
Both benchmarks fell around 3% on Wednesday to hit their lowest levels since mid-May.
Investors remain concerned that central banks could push the world economy into recession with interest rate hikes.
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The Federal Reserve is not trying to engineer a recession to stop inflation, but it is fully committed to reining in prices even if doing so risks an economic downturn, US central bank chief Jerome Powell said on Wednesday. .
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President Biden has asked Congress to pass a three-month suspension of the federal gas tax to help combat record prices at gas stations.
The average price of a gallon of gasoline fell 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 fell to $4,955, according to AAA. Tuesday’s price fell to $4,968.
Reuters contributed to this report.