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Oil prices plummet on fears recession will undercut demand Updated: 2022-07-06 10:17:47 KST

Oil prices dived about 9 percent on Tuesday due to demand concerns driven by global recession fears and a surge in fuel prices. West Texas Intermediate crude recovered to a drop of 8.2 percent from more than 10 percent on the day to close at ninety-nine dollars fifty cents a barrel, falling below 100 dollars for the first time since mid-May. International benchmark Brent crude also slid 9 and a half percent settling at around one-hundred-three dollars. Both benchmarks logged their biggest daily percentage decline since early March. Experts are warning of more downside if a recession does hit as it may further undercut energy demand.
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