Hess Corp. (NYSE:HES) shares are trading lower by 8.41% to $96.47 Tuesday afternoon. Shares of energy companies are trading lower amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.

Per CNBC on Tuesday, West Texas Intermediate (WTI) crude is trading below $100 for the first time since May 11. At last check, WTI crude is lower by 8.38% to $99.34.

Energy companies were also trading lower last week after OPEC+ agreed to stick to its planned output increase of 648,000 barrels per day in August, which has pressured oil prices.

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