Oil steadies near USD 100 after plunging on recession concerns

US benchmark crude West Texas Intermediate drops below USD 100 a barrel as analysts warn of further price drops.

Photo: Angus Mordant/Reuters/Ritzau Scanpix

By Sharon Cho, Bloomberg News

Oil steadied near USD 100 a barrel as banks including Goldman Sachs Group Inc. said a plunge driven by fears a recession will hurt demand was overdone, and the outlook for energy consumption in China improved.

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