Oil prices fall below $100 per barrel

Local investment expert sees no cause for concern
Oil barrels.
Oil barrels.(MGN)
Published: Jul. 5, 2022 at 6:21 PM CDT
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ODESSA, Texas (KOSA) -Just this morning West Texas Intermediate crude oil prices dropped below 100 dollars and analysts believe it could get lower.

For the first time since May 11, oil barrel prices dropped below $100, down $8.93 to close at $99.50.

One of the reasons being that fears of a global recession is overwhelming markets, but that’s not the only factor.

WTI crude was at a high in March at $130.50 and at one point, WTI traded oil at $97.43.

Mickey Cargile, president of Cargile Investments, says that the reason oil prices are decreasing is due to the war in Ukraine.

" The Russian barrels of oil never left the market,” Cargile said  “And that combined with the recession fears and the strength of the dollar has brought the price back down to where it should have been before the war.”

Cargile said that he believes the price of a barrel of oil will stay steady in the lower 90s.

He also said that it’s not normal for barrels to decrease from $120 to $100.

However, Cargile reiterates that this decrease shouldn’t be alarming for people in the Permian Basin.

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