The price of Brent crude oil has dropped to $99.78 amidst fears of possible global economic recession.
The fall in crude oil price below $100 was the first in the last 15 months after Brent crude entered into the bulls territory, which Citigroup said is being driven by overpriced sentiment among investors.
Brent’s bullish run shows that the commodity was overbought.
That means that the product was selling above its natural price, which had been put at $70 per barrel by the American firm in its oil market notice.
Citigroup had expressed a negative look for the future, stating that Brent would still sell for as low as $65 within the next six months, and went as far as projecting $45 per barrel as the product’s asking price before the end of 2023.
Aside from Brent crude, the United States West Texas Intermediate (WTI) also slumped on Wednesday evening Nigerian time, trading at a low of $96.31, but now sells at $98.74 per barrel.
– Media Report
