Oil prices added to losses from the previous session on Thursday, dropping more than 2% as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.

U.S. West Texas Intermediate crude futures fell 2.9%, to $103 a barrel. Brent crude futures dropped 2.5%, to $108 a barrel.

Both benchmarks tumbled 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 increases.

The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday.

President Biden has called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record prices at the pump.

The average price for a gallon of gasoline slipped again on Wednesday, remaining below the $5 threshold for a fifth straight day, according to AAA.

The price of a gallon of gasoline declined to $4.955, according to AAA. The price on Tuesday fell to $4.968.

Reuters contributed to this report.

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