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WTI Oil Drops Below $100 as Recession Fears Overwhelm Markets

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$85 Crude Is Citi's Base Case as Demand Falls: MorseSource: Bloomberg

West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand. 

Traders are worried about the impact of sharply higher US borrowing costs, as the Federal Reserve embarks on a series of interest-rate hikes intended to cool inflation.