Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.
Brent crude futures for October settlement dropped 56 cents, or 0.5 per cent, to $104.53 a barrel by 0620 GMT, after climbing 4.1 per cent on Monday, the biggest increase in more than a month.
The October contract expires on Wednesday and the more active November contract was at $102.57, down 0.4 per cent.
