West Texas crude fell below $100 for the first time since May 11, as stocks fell and the dollar appreciated.
West Texas-type crude oil (WTI) fell 9.16 percent to $ 99 per barrel. At the same time, a barrel of Brent oil was traded at $102.7, down 10.84 percent in international markets. Citigroup Inc. commented that crude oil could fall to $65 this year in case of recession.
The recession concerns and uncertainties regarding inflation, which continue to strengthen throughout the world, especially in the USA, are effective in the price decline.
Russia’s invasion of Ukraine also caused the oil flow to deteriorate. While the increase in energy costs triggered global inflation, this situation led the Central Banks to increase interest rates.