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Jul 6, 2022

Brent Crude Falls Below $100 for First Time Since Late April

Mike Jeffers, Bloomberg News

A pumpjack is silhouetted as it operates in Baku, Azerbaijan, on Sunday, March 18, 2018. Two years after descending into junk, Azerbaijan's shortest path to winning back its investment grade is by rebuilding the stash of petrodollars it raided during a recession and a banking meltdown, according to Fitch Ratings. Photograph: Taylor Weidman/Bloomberg Photographer: Taylor Weidman/Bloomberg

A pumpjack is silhouetted as it operates in Baku, Azerbaijan, on Sunday, March 18, 2018. Two years after descending into junk, Azerbaijan's shortest path to winning back its investment grade is by rebuilding the stash of petrodollars it raided during a recession and a banking meltdown, according to Fitch Ratings. Photograph: Taylor Weidman/Bloomberg Photographer: Taylor Weidman/Bloomberg , Bloomberg

(Bloomberg) -- Brent crude futures dropped below $100 for the first time since April 25th as recession fears fueled a broader selloff.

The drop comes after Brent crude futures saw its third-largest drop in dollar terms on Tuesday.

Earlier, Citigroup Inc.’s Ed Morse said the outlook for oil demand will likely see further downward revisions amid higher fuel prices.

©2022 Bloomberg L.P.

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