A barrel of North Sea Brent, for September delivery, lost 3% to $99.69, below the symbolic $100 barrier for the first time since April.
“Brent prices have seen the third biggest absolute decline since the futures contract began trading in 1988,” say UBS analysts, with Brent ending down 9.45% after coming down close to of 11%.
“Fears of a recession probably led some investors to exit the oil market”, according to the same analysts.
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