Brent oil futures fell 29 cents to $99.74 a barrel by 00:00 GMT, with WTI futures down 22 cents to $93.67 a barrel.
The slide comes after Brent crude futures fell on Monday to an intra-session low of $99.09 a barrel, the lowest since July 15. US crude oil prices fell to as low as $92.42 per barrel, the lowest since July 14.
Prices have been volatile, as investors weigh tight global supply with fears of a potential global recession.
Recession concerns were heightened on Monday as surveys from the United States, Europe and Asia shows that factories have struggled to pick up momentum in July. China’s flagging of global demand and strict COVID-19 restrictions have slowed production.
The price drop also comes as market participants await the outcome of Wednesday’s meeting between Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, to decide on September’s output.
A Fox Business news reporter said Saudi Arabia will push OPEC + to increase oil production at the meeting.
Two of eight OPEC+ sources in a Reuters survey said modest increases for September would be discussed at the August 3 meeting. The rest said output would likely be kept steady. .
Meanwhile, the United States on Monday imposed sanctions on China and other companies it says have helped sell tens of millions of dollars’ worth of Iranian oil and petrochemical products to East Asia. as it seeks to pressure Tehran to limit its nuclear program.