Oil drops below $100 a barrel for first time since early May

For the first time in nearly two months, crude oil prices have fallen below $100 a barrel, reflecting investors' growing concerns about a US recession that could crimp demand for oil.

The price of West Texas Intermediate crude tumbled by almost 10% Tuesday, falling below $98 per barrel. Brent crude oil was down by more than 10%, to below $102 per barrel.

It's the first time that WTI has been below $100 since May 11, and the first time Brent has been below $100 since April 25.