Oil Price Drop Continues With Recession Fears

Global oil prices continued to drop on Thursday as recession risks battled scarce supply concerns.

International benchmark Brent crude was trading at $100.30 per barrel at 09.50 a.m. local time (0650 GMT) for a 0.39% decrease after the previous session closed at $100.69 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $97.95 per barrel at the same time on Thursday, losing 0.59% after the previous session closed at $98.53 a barrel.

Oil prices fell below $100 for the first time since April 25 on Wednesday, with recession fears negatively affecting the outlook for global oil demand and the US dollar index climbing to its highest level in almost 20 years.

Prices continued to fall on Thursday on risks of a recession which would reduce global oil demand. Nonetheless, sustained global supply contractions are limiting the price declines. -