World oil prices are declining Wednesday morning amid fears of a global recession and lower demand for the commodity, trade data and analyst commentary show.

The price of December futures on Brent crude oil fell by 0.55% to $93.77 per barrel while November futures on WTI fell by 0.76% to $88.67.

Oil prices are declining Wednesday morning for a number of reasons, one of which is the International Monetary Fund's (IMF) worsening outlook for global economic growth. The organization expects growth to slow to 2.7% in 2023, rather than the 2.9% previously thought. In addition, the forecast for U.S. GDP growth in 2022 was lowered to 1.6% from 2.3%, China's GDP growth to 3.2% from 3.3%.