Global oil prices were down within 1% on Thursday morning as investors continued to assess the outlook for demand for the commodity amid ongoing economic risks, trading data showed.

As of 8:43am, the price of September futures on Brent crude oil was down 0.63%, to $106.25 per barrel. September futures on WTI crude oil were down 0.82%, to $99.06.

Traders are cautious on continuing risks around demand for oil, which restrains quotations. Investors are concerned that key rate hikes by global central banks due to high inflation in the world could lead to a recession, which is negative for expectations around demand.

Later Thursday, the European Central Bank (ECB) is expected to raise rates for the first time since 2011, and next week the U.S. Federal Reserve (Fed) may raise rates for the fourth straight time.

Markets are also continuing to assess weekly U.S. inventory statistics. Traders noted that U.S. gasoline inventories increased by 3.5 million barrels, while the forecasted increase was just 0.1 million barrels. At the same time, commercial oil and distillate inventories unexpectedly declined.

“U.S. gasoline demand showed no increase despite the Northern Hemisphere’s peak consumption season. As the peak demand season approaches a turning point and global economic growth slows, the market should keep an eye on the risks of weakening demand for petroleum products,” said Gao Jian, an analyst at Zhaojin Futures Co.