Oil prices dived about 9 percent on Tuesday due to demand concerns driven by global recession fears and a surge in fuel prices.
West Texas Intermediate crude recovered to a drop of 8.2 percent from more than 10 percent on the day to close at ninety-nine dollars fifty cents a barrel, falling below 100 dollars for the first time since mid-May.
International benchmark Brent crude also slid 9 and a half percent settling at around one-hundred-three dollars.
Both benchmarks logged their biggest daily percentage decline since early March.
Experts are warning of more downside if a recession does hit as it may further undercut energy demand.