FAST FIVE: Oil Crashes Below $100 As Recession Risk Roars, Dollar Soars

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“In the very near term the Dow & S&P will have a major factor on crude direction as recession fears remain,” said Dennis Kissler, senior vice president of trading at BOK Financial.

Brent Crude is trading below $100/bbl from November 2022 out.

The dollar's explosive surge higher (on the back of a weak euro) is also not helping as it reaches its highest since March 2020.

Interestingly, Citi said that crude could fall to $65 this year in the event of a recession, dramatically different from JPMorgan's most bullish $380 a barrel scenario.

Most notably, US retail gasoline prices have fallen for 21 straight days according to AAA.

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