Crude slumps below $100 for first time since May

July 06, 2022 23:12

World oil prices plummeted on Wednesday (local time) and dropped below $100 a barrel for the first time since early May.

The price of West Texas Intermediate crude tumbled as much as 10 per cent Tuesday, to hit a low of $97.43 before closing at $99.50, down 8 per cent on the day, reported CNN.

The slump reflects investors' growing concerns about a US recession that could crimp demand for oil.

It's the first time that WTI has been below $100 since May 11.

That was also the last time Brent, which typically trades a bit higher, was below $102 a barrel.

Brent has not been below $100 since April 25, reported CNN.

Wholesale gas futures fell as well, down almost 10 per cent for the day at the close, or 36 cents a gallon.

The national average cost of a gallon of gas at the pump is now $4.80, according to the latest AAA reading, down one penny from Monday and 8 cents from a week ago.

Gas prices crossed the $5 mark for the first time on June 11 and hit a peak of $5.02 a gallon on June 14.

Rising fears about the chances of a recession are the primary driver of the latest sell-off in oil and gasoline futures, said Tom Kloza, global head of energy analysis for OPIS. -- ANI

« Back to LIVE

TOP STORIES

Deloitte pegs India's FY25 GDP growth at 6.6%

Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid...

No Place For Kohli In This 2024 Side!

No Shubhman Gill or Hardik Pandya either in Sanjay Manjrekar's T20 World Cup team.

We always have to celebrate little wins: Cameron Green

After his side clinched a 35-run victory over Sunrisers Hyderabad at the Rajiv Gandhi International Stadium, Royal Challengers Bengaluru (RCB) batting allrounder Cameron Green said that they have to celebrate such little wins.

SC rejects pleas on 100% EVM-VVPAT verification, paper ballot voting

Pronouncing the judgement, Justice Khanna said the court has rejected all the petitions, including those seeking resorting back to ballot papers in elections.

Good times ahead for United Breweries as heatwave, IPL set the tone

A cocktail of heatwave and upcoming cricketing events is expected to usher in the peak season for the country's largest beer maker, United Breweries. The beer maker, which has gained share in some key markets, will be a major...