The price of Texas Oil Intermediate (WTI) It fell 8.2% on Tuesday to close at $99.50, its first close below $100 since early May, on fears of an economic downturn.
At the end of the operations in the New York Mercantile Exchange (Nymex), WTI futures contracts for August delivery lost $8.93 from the previous close.
Last month, the price of crude oil shot above $120 mainly due to the Russian invasion of Ukraine.
The war shows no signs of ending, but investors’ attention is shifting to the possibility that a slowdown in economic growth could cool fuel demand and push prices down.
In addition, the US dollar rose against major currencies. While, for its part, the euro fell to a 19-month low against the dollar.
This Tuesday, the Citi bank warned that the price of oil could collapse with a recession and place a barrel of Brent at about 65 dollars by the end of the year and about 45 by the end of 2023, when it is now at about 113 dollars.
Last Friday, the barrel of WTI had settled at 108.43 dollars, while this Monday there was no official data as it was a holiday in the United States. For its part, the price of natural gas futures contracts for August subtracted 20 cents from the dollar, to 5.52 dollars, and that of gasoline futures with expiration the same month subtracted 35 cents, to 3.32 dollars the gallon.
