WTI Oil Prices Drop Toward Key $100 Level

US benchmark oil prices continue to fall sharply after easily dispatching with a 50-day moving average near $108.20 a barrel in the overnight session, and the front-month August contract now trades 6.6% lower at $102.35, and has fallen as low as $101.53 “Recession fears and Biden’s call for fuel cost reduction weigh on the price,” says Spartan Capital’s Peter Cardillo in an email. “However, while the chance of spot oil holding the $100 dollar level remains high, the chance of a breakdown is also growing. Thus failure to hold support levels around the $100 area could trigger a trip below the $90 level.