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Oil prices fell to their lowest level in two weeks

Adel 15 March, 2022 2:37 pm Commodities, Market Update

Oil prices extended losses on Tuesday to a two-week low after ceasefire talks between Russia and Ukraine eased fears of another oil supply disruption, while coronavirus infections in China raised concerns about slowing demand for crude.

Brent crude futures were down $5.95, or 5.6 percent, at $100.95 a barrel by 0747 GMT, having plunged more than $6 to $100.05 earlier in the session.

US West Texas Intermediate crude also fell below the $100 level for the first time since March 1, dropping $5.49, or 5.3 percent, to $97.52 a barrel, after falling to $96.70 earlier in the session.

Both benchmarks fell more than 5 percent on Monday.

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