International crude oil prices have come off their recent highs and declined on fears of the possibility of a recession in the global economy following aggressive monetary policy tightening by central banks and the likelihood of weak demand outlook for the commodity. Ongoing Covid-led lockdown in parts of China too led to a decline in the prices.

West Texas Intermediate (WTI) crude oil futures are currently trading at around $110 per barrel, as against its recent peak of around $123 per barrel.

Notably, the prices of the key global commodity had soared sharply on account of supply chain disruptions and as well as some sanctions on trade following Russia's invasion of Ukraine in late February.

Also, the Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to ramp up output by nearly 648,000 barrels a day in July and August, nearly two-thirds more than previously planned rises of about 432,000 barrels a day, said Sugandha Sachdeva, VP- Commodity and Currency Research at Religare Broking.

This agreement of raising output, too, has likely weighed on the crude oil prices.