WTI Crude Oil futures fell more than 8%, falling below $100 today. Amid concerns about the recession
At 10:54 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in August. Trading on the NYMEX was $9.05, or 8.34%, to $99.38 a barrel. Brent crude fell $10.71, or 9.50 percent, to $102.79 a barrel.
The last time WTI oil prices fell below $100/barrel. Happened on May 11
WTI oil prices had hit $130.50/barrel in March. while Brent crude oil prices soared near 140 dollars a barrel. Prices of WTI and Brent crude both hit record highs since 2008.
However, oil prices fell sharply today. While investors are worried that high inflation. And the recession will drag on the demand for oil in the market.
S&P Global has released its Purchasing Managers’ Index (PMI) for the final manufacturing and services sectors of the Eurozone. It fell to 52.0 in June, a 16-month low from 54.8 in May.
Chris Williamson, chief business economist at S&P Global Markets Intelligence, said: “The growth of the eurozone’s business activity has slowed significantly. This increases the risk that the Eurozone economy will shrink in the third quarter.”
Investors are worried about the Eurozone recession. after energy prices rose The war between Russia and Ukraine is unlikely to end.
The US Federal Reserve (Fed) has signaled the US economy has entered a recession.
The Atlanta Fed revealed that The latest GDPNow forecast model shows that The US economy contracted 2.1% in the second quarter, from an earlier indication of a 1.0% contraction.
GDPNow forecasts show that the US economy contracted in the second quarter more severely than the 1.6% contraction in the first quarter, indicating that the US economy has entered a recession. because the economy contracted for 2 consecutive quarters
Citigroup forecasts Brent crude prices will slump to $65 later this year. If the US economy enters a recession