Oil prices fell Wednesday to a 12-week low, with futures for Brent crude trading below $100 a barrel for the first time since April as fears of a global recession weigh on prices.
EU PARLIAMENT BACKS GREEN LABEL FOR NUCLEAR AND NATURAL GAS, DEFYING CLIMATE LEFT
Prices for both contracts had already tumbled the previous day, with WTI on Tuesday dipping below the $100 mark for the first time since May 11. “In a recession scenario with rising unemployment, household and corporate bankruptcies, commodities would chase a falling cost curve as costs deflate and margins turn negative to drive supply curtailments,” Citigroup analysts said in a note to clients.
Energy prices have soared over the past year, especially in the months following Russia's invasion of Ukraine, contributing to broader inflation and significantly hurting President Joe Biden's approval ratings.
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