Crude oil (WTI) is sliding 2.44% to $45.54 per barrel and Brent crude is also decreasing 0.9% to $48.48 per barrel, according to the CNBC.com index.
The dollar strengthened to a nearly two-week high, CNBC.com stated.
Additionally, a recent survey showing U.S. crude supplies decreasing nearly a million barrels last week did not help oil futures, Reuters noted.
Overall, stock markets are volatile as investors anticipate when the Fed will raise interest rates.
"Oil, for instance, could fundamentally go higher from signs of declining U.S. production. But with the stock market fluctuating, people are getting out of their positions early, translating into a risk-off day," said Christian Moreno, HighGround TradingGroup's senior trading consultant.