Despite recession fears, US benchmark oil prices dip 10% below $100

West Texas Intermediate (WTI) crude traded at $99.50 per barrel yesterday, down 8.24% or $8.93 from yesterday.

[{"selector":"#anim-6936fb4d-9372-481a-9eb8-d2ad65efe882 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.897195777741274%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-f0f9f192-1697-4a73-bf57-7ed537ec0ca6","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b006342d-48a0-43e2-b481-75609d4f50b4","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Recession fears continue to grow, causing the markets to tremble, along with oil prices, which fell below $100 on 7th June as a result.

[{"selector":"#anim-30ec3f35-66a1-4a7c-80bd-cefdc43f5696 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.281664329799149%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-8cba288b-8f4a-44a5-8193-e09fd6c9887e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1911b93a-fe29-4e72-95a1-1552805f1769","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] An economic slowdown is raising concerns about low demand for petroleum products. There was the invasion of Ukraine, inflation concerns, and now a recession.

[{"selector":"#anim-e8777a89-159b-4fde-b454-8af621bf51fd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(16.156595447343932%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-3a4d9672-623c-456e-968e-f523e5d7dee0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-993c06a1-3be7-455c-941b-e3c3b2b7d035","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Investors are having a hard time keeping their heads above water because of a shock sweeping the markets.

[{"selector":"#anim-aea12bfa-dd57-469d-b3f5-d2d2803b6279 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(16.156595447343932%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-9e1472b1-eabf-4d16-aa3c-28a33e7557dc","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bef90d1c-85d5-420d-bae0-445f93a6578a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Stock markets globally plunged after Russia stomped on Ukraine on 24th February. Global shortages were feared due to Russia's status as a key supplier to many countries, including Europe.

[{"selector":"#anim-e3fac366-aece-4983-8742-ea61389b9e6d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(58.8264644277474%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-a3bc2397-0eb0-4b8c-9cd8-4e27aafec829","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c4ea8080-e8d6-41d2-93eb-cdbade6bd59f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Crude oil prices tumbled 8.24% yesterday as West Texas Intermediate (WTI) dropped $8.93 to $99.50 per barrel.

[{"selector":"#anim-111a6675-bfff-4362-bdbf-6134d478a5d5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(61.44473104893814%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-b18363cb-cae9-481c-b063-c6d41e8663bb","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cfac157f-dc10-4c83-9dc2-ad629f538b8e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] A low of $97.43 per barrel was recorded on the same day, down more than 10% from its previous high. For the first time since April 2015, the oil benchmark traded under $100 on 11th May.

[{"selector":"#anim-777f75f4-2552-4c24-9c30-2bcccec14842 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(6.03149726970795%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-ebe99d73-133b-41ff-98e0-6f1ac724fc10","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ed6d6e0b-d982-4c04-8f44-2af99ef69785","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Further, Brent crude settled at $10.73 per barrel, down 9.45% or $10.77 per barrel from its previous closing price of $102.77. click here more news