Oil prices declined on Wednesday with tight supply worries not enough to outweigh concerns about a weaker global economy.

Brent crude futures for August settled 1.46% lower at $116.26. U.S. West Texas Intermediate (WTI) crude futures settled 1.77% lower at $109.78.

Both contracts rose more than 2% on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession.