Oil drops $6 as recession fears deepen demand concerns | Reuters
Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
Brent crude was down $6.65, or 5.9%, at $106.85 a barrel by 1344 GMT, and U.S. West Texas Intermediate (WTI) crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday's close. There was no WTI settlement on Monday because of a U.S. holiday.
Investors are becoming more concerned as the latest surge in gas and fuel prices adds to worries about recession.
"Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management wrote.
In the euro zone, data showed business growth across the bloc slowed further last month, with forward-looking indicators suggesting the region could slip into decline this quarter as the cost of living crisis keeps consumers wary. read more
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