Oil Drops 27% From Recent High

Posted on AllSides March 15th, 2022
From The Right

Oil, which recently hit record highs, took a steep dip and saw some heavy losses on Tuesday, following on the heels of a Monday dip.

Among the factors contributing to the swoon: talks between Russia and Ukraine, a potential slowdown in Chinese demand for oil, and trade activity preceding a widely anticipated rate hike by the Federal Reserve on Wednesday.

As CNBC reported, West Texas Intermediate (WTI) crude, the U.S. oil benchmark, and global benchmark Brent crude fell in under $100 per barrel Tuesday. That was a $30 dip in per-barrel value from...

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