Oil prices fell below $95 a barrel for the first time since Russia's invasion of Ukraine, as fears of an impending global recession dominate commodity markets and a weak demand outlook, according to a report in the Financial Times.
The two major crudes fell more than $5 a barrel on Thursday, or more than 5%, deepening the dramatic decline of the past six weeks.
Brent crude - the main international benchmark for oil pricing - fell to $94.50 a barrel.
It closed at $96.84 on February 23, the day before Russia invaded Ukraine.
The US West Texas Intermediate index fell to $90.56, less than the pre-war closing of $92.10.
Goldman Sachs analyst Damian Corvalin said the sharp drop reflected "rising concerns about oil fundamentals" as concerns about supply shortages outweighed the possibility of a sharp drop in demand.
Russian President Vladimir Putin's decision to send troops to Ukraine sent prices skyrocketing earlier this year, with Brent and West Texas Intermediate briefly trading above $130, as Western nations responded by imposing sanctions on Russia, one of the world's largest exporters.
But concern about economic recession, and the possibility of the US Federal Reserve stifling growth, with sharper increases in interest rates, has led - since then - to halt the rise.
Crude oil prices have fallen by about a fifth since mid-June.
Oil is not the only commodity that has lost steam in recent weeks.
The prices of many basic commodities have fallen, which helped raise inflation to record levels.