Brent crude: Brent crude falls below $100 for first time since late April

London-World oil costs spiralled decrease Wednesday on fears {that a} potential recession will slash demand, with Brent crude sinking below $100 per barrel for the primary time since April twenty fifth as recession fears fueled a broader selloff.

Europe’s benchmark crude contract, Brent North Sea, dropped 3.3 p.c to $99.39 per barrel in mid-afternoon offers, whereas US counterpart WTI oil additionally fell 3.3 p.c to face at $96.12.

Goldman Sachs on Wednesday mentioned that the oil sell-off has been pushed by rising recession fears.

Oil costs have additionally been knocked by a resurgent greenback, which is holding at a 20-year excessive in opposition to the euro and multi-month peaks in opposition to different main currencies.

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