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Oil drops below $100 a barrel for first time since early May

Oil drops below $100 a barrel for first time since early May



This is what determines the price of gasReplayMore Videos ... (16 Videos)This is what determines the price of gasCiti chief economist: Recession risk is risingSchwab top strategist: Consumers 'much better prepared' for downturn compared to Great Recession'Pay rent or buy some food': Millions of renters unsure if they can make rentShrinking UK economy could lead to a recession amid 40-year high inflationPowell: Recession after rate hikes certainly a possibilityWarren to Powell: Don't drive this economy off a cliffAnalyst: Gas tax holiday 'won't change people's behavior'Beyoncé's single dubbed anthem for 'Great Resignation'Gary Cohn: Fed was late on interest rate hikesExecutives torn on recession risk as fears grow for global economyThe Fed anticipates more rate increases after announcing biggest hike in 28 yearsWhat the interest rate hike means for youRealtor.com chief economist shares her advice for homebuyers and sellersHe predicted US inflation would rise. Hear what he thinks about a recessionHere's what the US economy can expect if a recession hits Minneapolis (CNN Business)For the first time in nearly two months, crude oil prices have fallen below $100 a barrel, reflecting investors' growing concerns about a US recession that could crimp demand for oil.

The price of West Texas Intermediate crude tumbled by almost 10% Tuesday, falling below $98 per barrel. Brent crude oil was down by more than 10%, to below $102 per barrel.It's the first time that WTI has been below $100 since May 11, and the first time Brent has been below $100 since April 25.Wholesale gas futures fell as well, and were down 35 cents a gallon in midday trading, or 9% for the day. The national average cost of a gallon of gas at the pump is now $4.80, according to the latest AAA reading, down one penny from Monday and 8 cents from a week ago. Gas prices hit a peak of $5.02 on June 14.Read MoreThis story is developing and will be updated.


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