# Oil tumbles as much as 10%, breaks below $100 as recession fears mount

> WTI settled down 8.24% at $99.50 per barrel after trading as low as $97.43, and Brent settled down 9.45% at $102.77. The sell-off reflected recession fears that are curbing oil demand, with Citi warning Brent could fall to $65 by year-end if the economy enters recession.

- Date: 2022-07-05 · published 2022-07-05T12:00:00.000Z
- Category: macro · region US · magnitude high
- Page: https://feedsoft.ai/events/11251-oil-tumbles-as-much-as-10-breaks-below-100-as-recession-fears-mount
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A sharp fall in crude and product prices driven by demand fears lowers energy input costs for feed production. Recession-driven demand loss could extend the decline in fuel and energy-linked costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2022-07-05 | 1 | -5.7% | -3.3 | Directly describes the July 5 WTI selloff (settled -8.24% to $99.50) on recession fears curbing oil demand, with Citi's bearish call. |
| DIESEL | 2022-07-06 | 5 | -17.6% | -3.2 | WTI and Brent fell about 8-9% on July 5 on recession fears, cutting crude input cost and dragging ULSD sharply lower within the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-07-05 | [Oil tumbles 9% on recession demand destruction fears](https://feedsoft.ai/events/12612-oil-tumbles-9-on-recession-demand-destruction-fears.md) | -3.9% | -12.8% |
| WTI | 2020-03-17 | [Brent crude sinks below $30 a barrel as recession fears weigh](https://feedsoft.ai/events/7658-brent-crude-sinks-below-30-a-barrel-as-recession-fears-weigh.md) | -19.2% | -30.3% |
| WTI | 2022-07-05 | [U.S. oil just tumbled below $100 a barrel — What that says about recession fears and tight crude supplies - MarketWatch](https://feedsoft.ai/events/12615-u-s-oil-just-tumbled-below-100-a-barrel-what-that-says-about-recession-fears.md) | -3.9% | -12.8% |
| WTI | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.8% | -4.6% |
| WTI | 2022-07-07 | [Oil Posts Weekly Decline as Recession Fears Muddle the Outlook - Bloomberg](https://feedsoft.ai/events/12616-oil-posts-weekly-decline-as-recession-fears-muddle-the-outlook-bloomberg.md) | -2.0% | -7.4% |
| BRENT | 2022-07-05 | [Oil tumbles 9% on recession demand destruction fears](https://feedsoft.ai/events/12612-oil-tumbles-9-on-recession-demand-destruction-fears.md) | -4.9% | -11.7% |
| BRENT | 2020-03-17 | [Brent crude sinks below $30 a barrel as recession fears weigh](https://feedsoft.ai/events/7658-brent-crude-sinks-below-30-a-barrel-as-recession-fears-weigh.md) | -12.6% | -12.5% |
| BRENT | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.2% | -2.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/07/05/oil-tumbles-more-than-8percent-breaks-below-100-as-recession-fears-mount.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.