Oil tumbled on intensifying fears of an economic recession

International benchmarks for crude oil tumbled on Tuesday, 5 July 2022 on intensifying fears of a global economic recession following bearish sets of growth data from both the US and the eurozone. Meanwhile, Shanghai carries out three days of mass COVID-19 testing, which could result in recurring lockdown and slash demand.

Brent plunged $10.73 or 9.5% to close at $102.77/barrel. 

WTI ended $8.93 lower than last Friday, at $99.50/barrel.