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Oil drops below $100 as fear of recession saps demand

Many of the world's leading economies will see growth evaporate

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The sun sets beyond an oil pumping unit. Photograph: Andrey Rudakov/Bloomberg

The sun sets beyond an oil pumping unit. Photograph: Andrey Rudakov/Bloomberg

The sun sets beyond an oil pumping unit. Photograph: Andrey Rudakov/Bloomberg

Oil futures dropped below $100 (€97.54) a barrel for the first time since May as concerns grow that a global economic slowdown will ultimately hobble demand.

West Texas Intermediate crude futures dropped as much as 9.3pc to near $98 a barrel. Oil was pressured in a low liquidity session yesterday as equities fell and the dollar surged, making commodities priced in the currency less attractive. Citigroup said that crude could fall to $65 this year in the event of a recession, a call in stark contrast to JP Morgan Chase most bullish $380-a-barrel scenario.


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