Oil Prices End at 4-Week-Low on Recession Fears

US crude prices finish sharply lower after a volatile trading day, settling down 3.6% at $74.30 a barrel, the lowest closing price since March 29. Crude prices began the NY session lower amid rising risk aversion and worries about a recession, only to rebound into positive territory mid-morning after a mostly bullish weekly EIA report. But prices then turned lower again, and sold off heavily just before the closing bell. “The recession clouds are mostly behind the drop in prices,” says Peter Cardillo at Spartan Capital, in an email. “From a technical perspective, further erosion from these levels could set the stage for a fall under the $72 level and bring prices back under the $70 area.”