Oil falls below $100, eases pressure on oil companies

After staying above $100 per barrel for two weeks, international oil prices fell to $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 $100 per barrel on February 28 and touched a 14-year high of $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.

International oil prices, which shoot up since Russia invaded Ukraine, have swung about $40 per barrel in little more than a week.