Oil Drops 27% From Recent High
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...