Latest News

Oil Plummets Below $100 as Recession Risks Come to Forefront

0

Reuters

Oil slumps $10/bbl as recession fears darken demand outlook

NEW YORK (Reuters) -Oil plummeted by about $10 a barrel on Tuesday on concerns of a looming global recession curtailing demand, even with expected supply disruptions as oil and gas workers in Norway began to strike. U.S. West Texas Intermediate (WTI) crude fell $9.30, or 8.6%, to $99.13 a barrel from Friday’s close. “The market is getting tight, but still we’re getting creamed and the only way you can explain that away is fear of recession in every risk asset,” said Robert Yawger, director, energy futures at Mizuho, New York.

The Tell: Are markets underestimating how far the Fed must go to tame inflation?

Previous article

Coronavirus Update: COVID hospitalizations dip for first time since mid-April, but daily deaths reach 2 1/2-month high

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News