Oil prices remained at three-month lows around the $120 level on Tuesday as selling pressure continued to sweep across commodity markets on fears a global economic slowdown will bite further into demand.

In mid morning London trade, Nymex September West Texas Intermediate sank to a low of $118 before recovering slightly to $119.48 a barrel, down $1.93 cents from the previous session’s close. ICE September Brent fell $2.11 to $118.57 a barrel.