//@robot1234: Oil tumbles as m

2022-07-06

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.

Oil Breaks Below $100 As Recession Fears Mount

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Comments

BellaFaraday
2022-07-07
BellaFaraday
Thanks for your good post.
MGOH
2022-07-06
MGOH
👍
AlanYe
2022-07-06
AlanYe
Ok
Stormriders28
2022-07-06
Stormriders28
Ok
Seaside
2022-07-06
Seaside
Jo
SlyvesterNJW
2022-07-06
SlyvesterNJW
👍

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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.</p> <p>West Texas Intermediate crude, the U.S. oil benchmark, settled 8.24%&nbsp;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.&nbsp;</p></body></html>","htmlText":"<html><head></head><body>\n//<a href=\"https://ttm.financial/U/3561596430587504\">@robot1234</a>:<p>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.</p> <p>West Texas Intermediate crude, the U.S. oil benchmark, settled 8.24%&nbsp;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.&nbsp;</p></body></html>","text":"//@robot1234: 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. 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The contract last traded under $100 on May 11.</p><p>International benchmarkBrent crudeshed 7.7%, or $8.74, to trade at $104.76 per barrel Tuesday.</p><p>Both contracts posted losses in June, snapping six straight months of gains as recession fears cause Wall Street to reconsider the demand outlook.</p><p>Citi said Tuesday that Brent could fall to$65 by the end of this yearshould the economy tip into a recession.</p><p>“In a recession scenario with rising unemployment, household and corporate bankruptcies, commodities would chase a falling cost curve as costs deflate and margins turn negative to drive supply curtailments,” the firm wrote in a note to clients.</p><p>Citi has been one of the few oil bears at a time when other firms, such as Goldman Sachs, have called for oil to hit $140 or more.</p><p>WTI spiked to a high of $130.50 per barrel in March, while Brent came within striking distance of $140. It was each contract’s highest level since 2008.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158107108","content_text":"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 8%, or $8.67, to trade at $99.76 per barrel. 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