Prices had already tumbled Tuesday on concern that a slowing global economy will dent demand for petroleum products, with WTI breaching the key US$100 level. – Bernama Photo
LONDON (July 6): World oil prices spiralled lower today on fears that a potential recession will slash demand, with Brent crude sinking under US$100 per barrel.
Europe’s benchmark crude contract, Brent North Sea, dropped 3.3 percent to US$99.39 per barrel in mid-afternoon deals, while US counterpart WTI oil also fell 3.3 percent to stand at US$96.12.
Prices had already tumbled Tuesday on concern that a slowing global economy will dent demand for petroleum products, with WTI breaching the key US$100 level.
Citi analysts have forecast that Brent could strike US$65 later this year in the event of a prolonged worldwide economic downturn. – AFP