Oil falls below $100, eases pressure on fuel retailers
After staying above USD 100 per barrel for two weeks, international oil prices fell to USD 99.84 on Tuesday, easing margin pressure on fuel retailers who have been holding petrol and diesel prices despite a spike in the cost of raw material.
Brent crude oil prices, which soared past USD 100 per barrel on February 28 and touched a 14-year high of USD 139 per barrel on March 7, fell over 7 per cent on Tuesday. The market was rattled by a resurgence of virus cases in China, which may impact demand in the world’s biggest crude importer, and signs of progress in cease-fire talks between Ukraine and Russia.
