Oil tumbles as much as 10%, breaks below $100 as recession fears mount. 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, settled 8.24% lower at $99.50 per barrel. At one point WTI slid more than 10%, trading as low as $97.43 per barrel. The contract last traded under $100 on May 11. International benchmark Brent crude settled 9.45% hilower at $102.77 per barrel.
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