Oil tumbles as much as 10%, breaks below $100 as recession fears mount

Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.

 

West Texas Intermediate crude, the U.S. oil benchmark, settled 8.24%, or $8.93, lower at $99.50 per barrel. At one point WTI slid more than 10%, trading as low as $97.43 per barrel. The contract last traded under $100 on May 11.

 

International benchmark Brent crude settled 9.45%, or $10.73, lower at $102.77 per barrel.

https://www.cnbc.com/2022/07/05/oil-tumbles-more-than-8percent-breaks-below-100-as-recession-fears-mount.html

And when can consumers expect the savings to be passed on to them...?

On 7/6/2022 at 4:32 AM, baboon said:

And when can consumers expect the savings to be passed on to them...?

Yesterday.

https://www.nationthailand.com/business/40017470

Gold has been in a freefall to zero.   Oil now in double-digits.   Bitcoin somehow holding.

 

This world has gone mad!!!!     

 

$99.  hahaha.  That's still super, super, super high........ but let's act like this is good news.

 

Talk to me when it hits $40

3 minutes ago, Iamfalang said:

Gold has been in a freefall to zero.   Oil now in double-digits.   Bitcoin somehow holding.

Always good to have economic experts at the round table ????????

7 minutes ago, Iamfalang said:

Gold has been in a freefall to zero. 

So your online weed order arrived and you are now high as a kite.