NEW YORK, (Reuters); Oil prices tumbled more than 6% on Tuesday (15) to their lowest in almost three weeks, as Russia suggested it would allow a revival of the Iran nuclear deal to go forward and as traders worried growing pandemic lockdowns in China could dent demand.
Both Brent and U.S. crude futures benchmark settled below $100 per barrel for the first time since late February. Since reaching 14-year highs on March 7, Brent has slid nearly $40 and WTI more than $30. Trading has been extremely volatile since Russia invaded Ukraine more than two weeks ago.
During the session, Brent futures plummeted $6.99, or 6.5%, to settle at $99.91 a barrel. U.S. West Texas Intermediate (WTI) crude fell $6.57, or 6.4%, to settle at $96.44 a barrel. Brent fell as low as $97.44 and WTI hit $93.53, their lowest since Feb. 25.