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US oil tumbles more than 8%, dips below $100 per barrel

Posted at 7:04 AM, Mar 15, 2022
and last updated 2022-03-15 07:04:49-04

Oil barrel prices in the U.S. fell back down to two-digit territory Monday.

The cost of a barrel fell more than 8%, down to $99.

It's the first time oil has dipped below $100 since March 1. That means oil has lost almost roughly quarter of its value since touching a near 14-year high of $130.50 a barrel on March 6.

The selloff should ease fears of an energy-driven recession in the United States and, if sustained, should bring some relief to drivers dealing with record gasoline prices.

Brent crude, the world benchmark, dropped more than 7% to $104.35 a barrel in recent trading. That marks a sharp pullback from the recent peak of nearly $140 a barrel.

Traders say yesterday's drop came largely from COVID-19 related lockdowns in China and possible progress in the talks between Ukraine and Russia.

Ukraine’s President Volodymyr Zelenskyy says that talks between Ukrainian and Russian delegations will continue Tuesday.