Oil Price Prediction – Oil Falls Below $100 Amid Recession Fears. The sell-off in the oil markets continue.

Traders fear that a potential recession will crush demand for oil.

Tomorrow, the EIA report will show whether U.S. domestic oil production continues to increase.

WTI oil declined below the $100 level amid worries about a potential global recession. Meanwhile, copper, which is also sensitive to the economic outlook, has also slipped to new lows.

The potential recession has been the main topic for commodity markets in recent trading sessions. High inflation puts significant pressure on economies, and it remains to be seen whether demand for oil will be strong enough to support the recent $100 – $120 range.

There’s also another bearish catalyst in play. Coronavirus. China continues to battle outbreaks of the disease, and fears of lockdowns serve as an additional bearish catalyst for oil markets.