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7/5, 5:41 PM (Source: TeleTrader)
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Oil prices plunge, WTI drops below $100 per barrel

Oil futures prices continued to tumble, with West Texas Intermediate (WTI) falling below $100 per barrel for the first time since May 11.

Fears of a recession appear to indicate that demand for fossil fuels may be reduced further, while the European Union urged an agreement on the Joint Comprehensive Plan of Action (JCPOA) is reached soon.

West Texas Intermediate (WTI) for settlements in August dropped by 10% at 11:40 am ET, to sell for $99.62 per barrel. A minute later, Brent for September settlements plummeted by 9.38% to go for $102.92 per barrel.

Baha Breaking News (BBN) / AB