Low oil prices

New York. The price of Texas Intermediate (WTI) oil collapsed on Tuesday on recession fears and lost the $100 barrier a few hours after the trading session closed.

As of 11:40 AM New York time, West Texas Intermediate crude futures for August delivery were down more than 9% to settle at $98.42 a barrel.

This is the first time since May 11 that benchmark oil in the United States is trading at less than $100 as a result of a sharp fall that analysts link to the growing fear of a recession that could hurt demand for crude.

These concerns have already caused the June WTI crude price to end with losses after six straight months of rally and now appear to be increasing.

Citibank warned, on Tuesday, that the price of oil could collapse with a recession and put the price of a barrel of Brent crude around $ 65 by the end of the year and about $ 45 by the end of 2023, as it is now around $113. .

Crude oil prices have risen this year, especially after the Russian invasion of Ukraine, and so far many experts have predicted that they will remain high.

Last Friday, a barrel of West Texas Intermediate crude closed at $108.43, while there was no official data available this Monday because it was a holiday in the United States.

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