Al Marsad newspaper: For the first time in nearly two months, crude oil prices fell below $100 a barrel, reflecting investors’ growing concerns about an economic recession in the United States that could curb demand for oil.
The price of West Texas Intermediate crude fell 10% on Tuesday, hitting a low of $97.43 before closing at $99.50, down 8% on the day. Brent crude fell more than 10% when it hit a daily low of $101.10 a barrel, before settling at $102.77 at the close.
This is the first time that WTI has fallen below $100 since May 11. This was the last time Brent crude, which usually trades a little higher, fell below $102 a barrel. Brent crude hasn’t been below $100 since April 25.
Wholesale gasoline futures were also lower, dropping nearly 10% for the day at close, or 36 cents a gallon.
The average gallon of gasoline at the pump now costs $4.80, according to the latest AAA reading, down a penny from Monday and 8 cents from last week. Gasoline prices crossed the $5 barrier for the first time on June 11 and reached a peak of $5.02 per gallon on June 14.