Oil prices in global markets collapsed today under pressure from fears that the recession is already knocking on the door and will seriously reduce demand, reported the CBS.
U.S. light crude fell as much as 8 percent, or $8.67, to $99.76. Contracts below $100 were last traded on May 11.
Brent crude lost 7.7 percent, or $8.74, to $104.76.
Both varieties lost their price in June, snapping a six-month streak of steady growth.
Analysts expect the price of Brent to fall to $65 a barrel by the end of the year if the economy slips into recession.
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