Home NewsCommodities News Brent crude: Brent crude falls below $100 for first time since late April

Brent crude: Brent crude falls below $100 for first time since late April

by WOOWinvest
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Brent crude: Brent crude falls below $100 for first time since late April


LONDON – World oil prices fell sharply on Wednesday on fears that a potential recession would cut demand, with Brent falling below $100 a barrel for the first time since April 25, as recession fears sparked a broader sell-off.

North Sea Brent crude, the European benchmark crude contract, was down 3.3 percent at $99.39 a barrel in afternoon trade, while U.S. peer WTI crude was also down 3.3 percent at $96.12.

Prices had fallen on Tuesday after WTI breached the key $100 level on fears that a slowing global economy would dent demand for oil products.

Analysts at Citi predict that Brent could hit $65 later this year if the global economy continues to slump.

Goldman Sachs said on Wednesday that the oil sell-off was driven by growing recession fears.

Oil prices were also hit by a rebound in the dollar, which held at 20-year highs against the euro and multi-month highs against other major currencies.

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