Oil Prices Slump Further, Brent Crude Under $100

World oil prices spiralled lower Wednesday on fears that a potential recession will slash demand, with Brent crude sinking under $100 per barrel

London, (UrduPoint / Pakistan Point News - 6th Jul, 2022 ) :World oil prices spiralled lower Wednesday on fears that a potential recession will slash demand, with Brent crude sinking under $100 per barrel.

Europe's benchmark crude contract, Brent North Sea, dropped 3.3 percent to $99.

39 per barrel in mid-afternoon deals, while US counterpart WTI oil also fell 3.3 percent to stand at $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 $100 level.

Citi analysts have forecast that Brent could strike $65 later this year in the event of a prolonged worldwide economic downturn.