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Oil falls below $100 as recession fears weaken demand

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Oil futures fell below $100 a barrel for the first time since May amid growing concerns that a global economic slowdown will ultimately cripple demand.

est Texas Intermediate crude oil futures fell as much as 9.3 percent to nearly $98 a barrel. Oil came under pressure yesterday in a session of low liquidity as stocks fell and the dollar rose, making commodities traded in the currency less attractive. Citigroup said crude oil could fall to $65 this year in the event of a recession, a view that stands in stark contrast to JP Morgan Chase’s most bullish $380-a-barrel scenario.

https://www.independent.ie/business/world/oil-drops-below-100-as-fear-of-recession-saps-demand-41816744.html Oil falls below $100 as recession fears weaken demand

Fry Electronics Team

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