Oil prices slump further, Brent crude under US$100

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

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