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• WTI closed below $100 for the first time since early May
Oil prices fell on Tuesday below $100 due to worries of lower demand of petroleum products amid recession fears.
US oil benchmark West Texas Intermediate crude fell 8.24%, or $8.93, at $99.50 per barrel. The WTI plunged more than 10% as one point in the day, trading as low as $97.43 per barrel.
This is the first time since early May that WTI has closed below $100 and it also posted the largest one-day percentage decline since April.
International benchmark Brent crude declined 9.45%, or $10.73, lower at $102.77 per barrel.
Picture Credits: Getty Images
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