Oil prices have fallen following two days of gains, as investors remained concerned about a potential US recession and weakening oil demand.
By 03:52 GMT, Brent crude had fallen 20 cents, or 0.2%, to $87.13 per barrel, while US West Texas Intermediate had fallen 15 cents, or 0.2%, to $81.11.
Both benchmarks increased by 2% on Wednesday, reaching their highest level in more than a month, on hopes that the Federal Reserve will cease raising interest rates.
However, previous tightening, which has raised interest rates to their highest level since 2007, has raised concerns that the Fed’s focus on preventing inflation may stifle economic development and future oil demand in the largest oil consumer in the world.
The US Consumer Price Index (CPI) rose 0.1% in March, below economists’ expectations of a 0.2% increase and down from a 0.4% increase in February, increasing the likelihood that the Federal Reserve will halt rate hikes following a potential increase in May.
The Fed’s staff forecasted a “mild recession” later this year after evaluating the potential fallout of banking duress.