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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

Oil prices fall below $100 amid recession fears

WTI closed below $100 for the first time since early May

By Shubhangi Mathur
Published - Jul 05, 2022, 06:15 PM ET
Last Updated - Mar 11, 2024, 01:44 PM EDT

• 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.

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