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Benzinga
Benzinga
Business
AJ Fabino

Gas Prices Haven't Fallen This Fast Since COVID; Why Oil May Plummet To $65 Per Barrel This Year

Oil Recession United States

Tuesday’s decline in oil prices comes as analysts consider the impact of a potential global recession on demand. Which may become a bigger factor than supply disruption concerns, such as an anticipated reduction in Norwegian production.

Brent Crude fell $10.58, or 9.32%, to $102.90 per barrel, while U.S. West Texas Intermediate (WTI) crude shed $9.25, or 8.53%, to $99.27 per barrel from Friday's close.

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