World oil prices are declining Tuesday morning after a significant rise last week, traders are concerned about the possibility of a recession, according to trading data and analyst commentary.

The price of December futures on Brent fell by 0.43% to $95.78 per barrel while November futures on WTI fell by 0.57% to $90.61.

Over the past week, Brent crude oil gained 11.3% and WTI gained 16.5% on expectations of lower supply, as OPEC+ decided to cut production of 'black gold' by 2 million barrels per day starting in November.