WTI Drops Below $100 As Recession Fears Grow

Posted on AllSides July 5th, 2022
From The Center

Despite serious supply problems in the market, oil prices crashed on Tuesday morning due to renewed recession fears and the prospect of demand destruction.

Whilst most of 2022 could only be characterized as a period of hardship for Europe’s embattled industries, things are about to get even worse as Russian pipeline supply falls and power prices across the continent soared. 

- Day-ahead prices in Italy and France have soared above €400 per MWh, with Germany trending slightly lower – attesting to the tightness, annual 2023 forward prices are only marginally...

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