Oil Price Today (May 6): Crude oil falls below $100, dives nearly 10%. What's behind the plunge?

West Texas Intermediate crude slipped below the $100 per barrel threshold on Monday, marking a notable retreat from recent price levels. The decline reflects a convergence of factors weighing on demand expectations and near-term supply concerns. Analysts attribute the move to a combination of macroeconomic headwinds and shifts in market sentiment over the past trading session.

Weakening global growth signals have pressured crude demand forecasts, with traders reassessing energy consumption patterns amid persistent inflation concerns. A stronger U.S. dollar typically makes oil more expensive for foreign buyers, adding downward pressure on prices. These broader economic currents have overshadowed temporary geopolitical premium that had supported crude earlier in the year.

OPEC+ production decisions and inventory data remain focal points for market direction going forward. Weekly U.S. crude stockpile reports and refinery utilization rates will help traders gauge the balance between supply and consumption. Any surprises in these metrics could either extend the current decline or stabilize prices at lower levels.

The sharp pullback underscores oil’s sensitivity to macroeconomic conditions and financial market movements. Investors should monitor central bank policy signals and earnings guidance from major energy companies for clues about demand sustainability. Price stability below $100 will likely depend on whether economic headwinds intensify or stabilize in coming weeks.