Oil futures settle sharply lower, with U.S. prices below $100 a barrel

Oil futures fell sharply on Tuesday, with U.S. prices below the $100-a-barrel mark – at their lowest in more than two months, pressured by strength in the U.S. dollar and concerns over a possible recession that would hurt energy demand. WTI oil’s fall was “inevitable as the market rebalances after fears of sanctions give way to the realities of Russian sales to new buyers in Asia, and the impact of high prices on demand and the economy become increasingly apparent,” said Michael Lynch, president at Strategic Energy & Economic Research. West Texas Intermediate crude for August delivery fell $8.93, or 8.2%, to settle at $99.50 a barrel on the New York Mercantile Exchange, the lowest front-month finish since April, according to Dow Jones Market Data.

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