Brent crude falls 5% on recession fears

The price of the main U.S. crude contract, WTI, was down 4.8%

Representative Image. | Photo Credit: Reuters

The price of the Brent crude, the main international oil contract, fell more than 5% on August 30 as new Chinese pandemic lockdowns revived recession concerns among investors.

Brent slumped 5.1% to $99.78 per barrel at 1410 GMT, while the price of the main U.S. crude contract, WTI, was down 4.8% at $92.31 per barrel.