CNBC headline: Oil tumbles as much as 10%, breaks below $100 as recession fears mount
PUBLISHED TUE, JUL 5 202211:29 AM EDTUPDATED AN HOUR AGO
Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.
West Texas Intermediate crude, the U.S. oil benchmark, settled 8.24%, or $8.93, lower at $99.50 per barrel. At one point WTI slid more than 10%, trading as low as $97.43 per barrel. The contract last traded under $100 on May 11.
International benchmark Brent crude settled 9.45%, or $10.73, lower at $102.77 per barrel.