Oil: Brent closes below $100 for the first time in almost three weeks


The benchmark price for this variety of oil fell 6.53%, ending at $99.91. This is a first since the second day of the invasion of Ukraine by Russia.

North Sea Brent crude for May delivery closed Tuesday (March 15th) below $100 for the first time since the second day of the invasion of Ukraine almost three weeks ago.

The reference price for this variety of oil fell 6.53%, to end at 99.91 dollars, while the barrel of American West Texas Intermediate (WTI) for delivery in April fell 6.37%, to $96.44.

After falling more than 20% from last week’s highs, crude oil has entered bear market territorycommented Fawad Razaqzada, analyst at ThinkMarkets. “China has had the biggest impacton prices on Tuesday, argued Schork Report analyst and author Stephen Schork. China’s decision to order the confinement of tens of millions of people to contain outbreaks of Covid “clearly raises concerns in the market about demand.China is by far the world’s largest importer of oil, with just over 10 million barrels per day.

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