Around 19.10 (Greece time) the price of North Sea Brent, for September delivery, fell by 9.05%, to 103.23 dollars a barrel. US crude (WTI) for August delivery fell below $100 a barrel to $99.24 (-8.48%)
The fall in the price of black gold accelerated today, as fears of a recession are expressed in consuming countries oila development that could precipitate demand and drag down the price of metals.
Around 19.10 (Greece time) the price of North Sea Brent, for September delivery, fell by 9.05%, to 103.23 dollars a barrel. US crude (WTI) for August delivery fell below $100 a barrel to $99.24 (-8.48%).
“Fear of a recession dampens the outlook for oil demand and, consequently, prices”explained Ipek Ozkardeskaya, an analyst at Swissquote.
The WTI it fell below the symbolic $100 mark for the first time in two months. The analyst left open the possibility of a price reduction around $85 per barrel.
In the event of a recession, Citi analysts estimate that oil could fall as low as $65 by the end of the year, or as low as $45 if there is no intervention from its countries OPEC+.
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