Oil tumbles more than 9%, breaks below $100 as recession fears mount

Posted on AllSides July 5th, 2022
From The Center
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.

Read full story
Some content from this outlet may be limited or behind a paywall.

CNBC

AllSides Media Bias Rating: Center
AllSides Media Bias Rating: Center
You agree.
Thank you! Community votes alone don't determine our ratings, but are valuable feedback and can prompt us to do more research.
106696/84306
See full bias rating for CNBC
Learn about media bias
https://www.cnbc.com/2022/07/05/oil-tumbles-more-than-8percent-breaks-below-100-as-recession-fears-mount.html

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right