Global oil prices fell below 100 dollars a barrel on Thursday amid pessimistic outlooks on the United States’ economic recovery and rising woes over decreasing demand.

On the New York Mercantile Exchange, the West Texas Intermediate for June delivery slipped eight-point-six percent to close at 99-point-eight dollars. It marked the first time the figure fell below 100 dollars since March 16. The decline was also the highest to be recorded in roughly two years.

In London, Brent crude future prices for July also posted a drop of eight-point-one percent.

Precious metals took a hit as well. Gold prices for June delivery dropped two-point-two percent to stand at one-thousand-481-point-four dollars an ounce, while silver prices fell eight percent.