Oil briefly tumbles below $100 a barrel. That's good news for gas prices
Energy,Oil Prices,Gas Prices,Economy And Jobs,Inflation,Ukraine War,Trade,World,Transportation,Polls
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US oil prices briefly tumbled below $100 a barrel on Monday, unwinding a significant chunk of the recent spike caused by Russia's invasion of Ukraine.
Oil plunged more than 8%, touching a low of $99.76 a barrel. That means oil has lost almost roughly quarter of its value since touching a near 14-year high of $130.50 a barrel on March 6.
It's the first time oil has traded below $100 since March 1.
"This is one hell of a correction," said Tom Kloza, global head of energy analysis at the Oil Price Information Analysis.
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