[Teeth53]

U.S.A. going into recession....price of WTI crude oil slipped $9.01 per barrel by 12:37 pm ET below $100 per barrel to $99.42 (-8.31%), while Brent crude sank $10.41 per barrel to $103.10 (-9.17%).

Also on Tuesday, a Citi report suggested that oil prices could fall to as low as $65 per barrel by the end of this year and as low as $45 by the end of next year if the world enters a recession and demand tanks.

According to Citi, oil demand goes negative “only in the worst global recessions, but oil prices fall in all recessions to roughly the marginal cost.”

In the same report, however, Citi said that it did not expect the U.S. economy to fall into a recession.

U.S.A. going into recession???. 🤪