Oil prices fell below $100 a barrel amid fears of a global recession outweighed supply concerns.
On Wednesday, Brent Crude, the global oil benchmark, dropped 3.28 percent to trade at $99.40 a barrel — the first time since February 20, 2022.
West Texas Intermediate (WTI) crude plunged 4.21 percent to $95.31 a barrel.
The development comes as Goldman Sachs, on Wednesday, attributed the fall in the price of the commodity to growing recession fears.