Mar 16, 2022

Crude oil prices fall below $100

The cost of crude oil fell to its lowest level for two weeks.

The price of Brent crude - the global benchmark for prices - dropped below $100 a barrel for the first time since the start of March.

Oil prices soared after Russia invaded Ukraine, with the price of Brent crude oil hitting a near 14-year high at one point.

But in the past few days, the price of oil has dropped due to a number of factors, including hopes of progress in ceasefire talks between Russia and Ukraine, and also expectations that demand from China will ease as Covid cases there surge.

Brent crude fell to about $98 a barrel on Tuesday before recovering some ground.

(BBC News)

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