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Terri1
2022-07-06

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Oil Breaks Below $100 As Recession Fears Mount

Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, spark

Oil Breaks Below $100 As Recession Fears Mount

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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. 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