West Texas Intermediate crude, the U.S. oil benchmark, settled 8.24%, or $8.93, lower at $99.50 per barrel. At one point WTI slid more than 10%, trading as low as $97.43 per barrel. The contract last traded under $100 on May 11.

International benchmark Brent crude settled 9.45%, or $10.73, lower at $102.77 per barrel.

Ritterbusch and Associates attributed the move to "tightness in global oil balances increasingly being countered by strong likelihood of recession that has begun to curtail oil demand."

″[T]he oil market appears to be homing in on some recent weakening in apparent demand for gasoline and diesel," the firm wrote in a note to clients.