Oil plummets below $100 as recession risks come to forefront

Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.

West Texas Intermediate crude, the U.S. oil benchmark, slid 8.4%, or $9.14, to trade at $99.29 per barrel. The contract last traded under $100 on May 11. International benchmark Brent crude shed 9.1%, or $10.34, to trade at $103.16 per barrel Tuesday.