Brent crude futures fell $3.59, or 3.9%, to settle at $88.58 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped $2.65, or 3.1%, to settle at $82.36 per barrel.
Meanwhile, gold prices were little changed at $4,652.39 per ounce, as investors awaited U.S. inflation data for clues about the future path of interest rates. U.S. gold futures rose 0.3% to $4,709.20.