Benchmark oil prices on Tuesday fell below $100 a barrel for the first time since March 1 on expectations that lockdowns could slow petroleum demand in China, the world’s largest importer of crude.
Brent crude, the international oil marker, settled at $99.91, its lowest close since February 25, down 6.5 per cent on the day. West Texas Intermediate, the US crude contract, declined 6.4 per cent to settle at $96.44, its lowest closing price since February 28.
Oil prices were at their highest levels since 2008 earlier this month, as Russia’s isolation from the international community over its invasion of Ukraine began to limit its exports of crude.
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