International oil price slips under $100 per barrel
India Today
Brent crude futures fell 94 cents, or 0.9 per cent, to $99.75 a barrel after tumbling to a session low of $98.50 earlier.
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 per cent, to $99.75 a barrel after tumbling to a session low of $98.50 earlier. WTI crude futures slid 79 cents, or 0.8 per cent, 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 8 per cent while Brent tumbled 9 per cent - 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."
Oil prices have slid alongside other commodities such as metals and palm oil as central banks across the world raised interest rates to battle inflation, fanning fears of recession that could dampen demand for commodities.
"It seems as though the market is starting to price in that scenario," Warren Patterson, ING's head of commodity research said, referring to recession.