By CNBCTV18.com Mar 16, 2022 7:41:24 AM IST (Published)
Both Brent and US crude futures benchmarks settled below $100 per barrel for the first time since late February. Since reaching 14-year highs on March 7, Brent has fallen nearly $40 and WTI more than $30. Trading has been extremely volatile since Russia invaded Ukraine more than two weeks ago.
Oil prices fell more than 6 percent on Tuesday to their lowest in nearly three weeks, as Russia suggested it would allow a revival of the Iran nuclear deal to go forward. Traders' worries over pandemic lockdowns in China also dented oil demand.
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Both Brent and US crude futures benchmarks settled below $100 per barrel for the first time since late February. Since reaching 14-year highs on March 7, Brent has fallen nearly $40 and WTI more than $30. Trading has been extremely volatile since Russia invaded Ukraine more than two weeks ago.
During the session, Brent futures plummeted $6.99, or 6.5 percent, to settle at $99.91 a barrel. US West Texas Intermediate (WTI) crude fell $6.57, or 6.4 percent, to settle at $96.44 a barrel. Brent fell as low as $97.44 and WTI hit $93.53, their lowest since February 25.