Oil prices slump further, Brent crude under $100

By: AFP
Published: 07:45 PM, 6 Jul, 2022
Oil prices slump further, Brent crude under $100
Caption: Oil prices slump further, Brent crude under $100.
Stay tunned with 24 News HD Android App
Get it on Google Play

World oil prices spiralled lower Wednesday on fears that a potential recession will slash demand, with Brent crude sinking under $100 per barrel.

Europe's benchmark crude contract, Brent North Sea, dropped 3.3 percent to $99.39 per barrel in mid-afternoon deals, while US counterpart WTI oil also fell 3.3 percent to stand at $96.12.

Prices had already tumbled Tuesday on concern that a slowing global economy will dent demand for petroleum products, with WTI breaching the key $100 level.

Citi analysts have forecast that Brent could strike $65 later this year in the event of a prolonged worldwide economic downturn.

Categories : Business
AFP

Agence France-Presse is an international news agency.