Concerns of a US recession, its impact on the rest of the world, and on oil demand growth have been looming large this week. Worries of a global slowdown in energy demand have caused crude oil prices to plunge by almost five dollars, below US$100 per barrel to US$99.20, from record peak struck earlier this week. London's Brent North Sea crude for May fell US$2.30 to US$98.42 per barrel.
Oil futures have dropped around 10% since the US$111.80 record high hit on Monday, on the back of the plunging US dollar, which hit a lifetime low against the euro.
On Tuesday, crude surged by more than three dollars after the US Federal Reserve slashed US interest rates, stoking expectations of strong energy demand in key consumer the United States.
On Wednesday, prices dipped after a US government energy report signalled softening demand in the world's biggest economy.