WTI Oil Drops Below $100 as Recession Fears Overwhelm Markets

pump jacks
A pump jack operates in an oil field in Midland, Texas. (Tony Gutierrez/Associated Press)

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West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand.

Traders are worried about the impact of sharply higher U.S. borrowing costs, as the Federal Reserve embarks on a series of interest rate hikes intended to cool inflation.

Adding to bearish sentiment, Citigroup Inc. said that oil prices could collapse to $65 a barrel by the end of this year and slump to $45 by the end of 2023 if a demand-crippling recession hits.

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