Oil prices are down slightly on Wednesday morning, after the previous session's biggest drop since March 2022.

On the ICE Futures exchange in London, the price of Brent oil for May futures fell by $0.57 (0.65%) to $87.23 per barrel. On Tuesday, the contract fell by $11.16 (11%) to $87.80 per barrel.

On the New York Mercantile Exchange (NYMEX), WTI crude for April futures fell by $0.16 (0.19%) to $83.29 per barrel. In the previous session, these contracts fell by $11.32 (11.9%), reaching $83.45 per barrel.