Oil prices fell 1 percent on Thursday as the global market digested the high likelihood of a US interest rate hike
Brent crude was down 1.2 percent at $75.74 a barrel.
West Texas Intermediate was down 82 cents, or 1.1 percent, at a total price of $70.79 per barrel.
The market has been expecting an increase in interest rates in the US and Europe in order to fight inflation.
Fears of a global downturn came as recent data showed a slowdown in manufacturing and Services activity in China and Europe.