Oil prices plunge below $100 as the US dollar strengthens and recession worries pile up

The US dollar rallied and oil fell.

The price of West Texas Intermediate crude dipped below $100 per barrel for the first time in months. The price of oil fell 9% to $103.17

Citibank warned Tuesday that the price of oil could fall further to a low of $65 per barrel if demand slows.

The dollar has strengthened recently as the Federal Reserve has increased interest rates in response to high inflation.

The price of oil is high in some places. Saudi Arabia's producer said it would raise prices next month.

It's good for their longest losing streak since April 2020 because gasoline prices have decreased for 21 days in a row.

The current average price for a gallon of gas in the US is $4.800, down from $4.95 a week ago, but still higher than it was a year ago.

Market trends bode well for President Joe Biden as he faces limited policy options to lower fuel costs. He proposed suspending the federal gas tax. Despite Biden's calls for companies to invest more quickly, the oil industry has focused on returning capital to shareholders.