Brent oil ends below $100 a barrel for first time in almost 3 weeks
Brent oil futures finished under $100 a barrel on Tuesday, the first time it has closed below that key benchmark level since the second day of Russia’s invasion of Ukraine almost three weeks ago.
Crude futures for delivery in May ended at $99.91 a barrel, down 6.5 per cent.
US benchmark West Texas Intermediate dropped 6.4 per cent to $96.44 a barrel.
The drop came as China placed tens of millions of people under lockdown following the latest surge in Covid-19 cases, raising fresh worries about a hit to oil demand.
Rystad Energy analyst Louise Dickson said severe Chinese restrictions could put 500,000 barrels a day of oil at risk.
