Crude oil price tumbles $10/bbl, WTI falls below $100/bbl as recession fears mount

Oil plummeted by about $10 a barrel on Tuesday as concerns of a global recession curtailing demand overshadowed a strike by Norwegian oil and gas workers that could cut exports and exacerbate supply shortages.

Global benchmark Brent crude was down $10.65, or 9.4%, at $102.85 a barrel by 12:46 p.m. EDT (1645 GMT). U.S. West Texas Intermediate (WTI) crude fell $9.36, or 8.6%, to $99.07 a barrel from Friday’s close. There was no WTI settlement on Monday because of a U.S. holiday.

“The market is getting tight, but still we’re getting creamed and the only way you can explain that away is fear of recession in every risk asset,” said Robert Yawger, director, energy futures at Mizuho in New York. “You’re feeling the pressure.”