After almost a decade of high prices, oil prices witnessed a 10% plunge on Tuesday, with the West Texas Intermediate (WTI) trading near $97.43 per barrel.

The benchmark U.S. oil indicator closed down 8.24% at $99.50 per barrel, while Brent Crude closed down 9.45% at $102.77 per barrel.

Oil prices fell to a 12-week low in volatile trading on 6 July.

Heavy losses on 5 July brushed off supply concerns as rising fears of demand destruction from a global recession.

Growing recession fears drove the oil sell-off, said investment bank Goldman Sachs.

As investors grew increasingly concerned about a worsening economic outlook, Germany's government borrowing costs fell to a five-week low.

The soaring U.S. dollar also knocked down oil prices, which reached a 20-year low against a basket of other currencies.