Oil tumbles more than 9%, breaks below $100 as recession fears mount
Posted on AllSides July 5th, 2022
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David Paul Morris | Bloomberg | Getty Images
Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.
West Texas Intermediate crude, the U.S. oil benchmark, slid 9%, or $9.83, to trade at $98.60 per barrel. The contract last traded under $100 on May 11.
International benchmark Brent crude shed 9.9%, or $11.46, to trade at $102.04 per barrel Tuesday.
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