Both Brent and West Texas Intermediate crude oil prices fell below $100 per barrel Tuesday on a combination of recession fears, a stronger dollar and concerns over increased Covid-19 related curbs in China.

Brent crude prices fell 7.1%, or $7.61, to close at $99.49 per barrel, its lowest level since 11 April. WTI fell 7.9%, or $8.25, to $95.84 -- also the lowest price seen in more than three months.

Fears of a global recession have led investors to sell off oil holdings over the past couple of weeks.