Oil prices decreased on Thursday amid concerns that interest rate hikes in global economies will lead to economic downturns and lower oil demand. International benchmark Brent crude traded at $95.17 per barrel at 10.40 a.m. local time (0740 GMT) for a 0.49% fall from the closing price of $95.64 a barrel in the previous trading session. American benchmark West Texas Intermediate (WTI) was at $89.08 per barrel at the same time for a 0.52% drop after the previous session closed at $89.55 a barrel. Oil prices came under pressure due to concerns over an economic slowdown as central banks in the US and Europe are expected to make more aggressive interest rate hikes. A US Federal Reserve official signaled higher interest rates in upcoming meetings on Wednesday. Additionally, renewed COVID-19 restrictions in China added to the narrative that fuel demand could drop. Meanwhile, US commercial crude oil inventories decreased by 3.3 million barrels to 418.3 million barrels during the week ending Aug. 26, according to the Energy Information Administration on Wednesday. The market expectation was for a fall of around 1.5 million barrels.