Brent crude futures extended declines for a third session on Thursday, slipping under $100 a barrel, as fears of a potential global recession spurred concerns about oil demand.
Brent crude futures fell 94 cents, or 0.9 percent, to $99.75 a barrel by 0231 GMT after tumbling to a session low of $98.50 earlier. WTI crude futures slid 79 cents, or 0.8 percent, to $97.74 a barrel.
Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on Tuesday despite tight global supplies. WTI slid eight percent while Brent tumbled nine percent - a $10.73 drop that was the third biggest for the contract since it started trading in 1988.
“Oil is getting decimated with little new information about production or consumption,” said Stephen Innes, managing partner of SPI Asset Management.
“Still, with commodity traders turning very risk-averse due to growing demand and still hawkish (US) Fed policy concerns, the recessionary headline risk is like an anvil around the market’s neck.”
Read More : https://english.alarabiya.net/business/energy/2022/07/07/Oil-price-falls-as-sell-off-continues
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