Oil Sheds Almost 10% in Two Days to Drop Below $100 a Barrel
- WTI, Brent futures settles at lowest price in two weeks
- Record US fuel prices at the pump fan inflation concerns
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Oil continued its retreat into a second session as galloping US inflation fueled concerns it would force moves that risk pushing the economy into a recession.
West Texas Intermediate fell 3.2% to settle below $100 a barrel for the first time since late April. The dollar advanced amid worries over tighter monetary policy, making commodities priced in the currency less attractive. Meanwhile, French President Emmanuel Macron and Hungarian Prime Minister Viktor Orban discussed energy security on Tuesday as the European Union seeks to persuade Budapest to drop its opposition to proposed sanctions on Russian oil imports.