Oil Prices Temporarily Fall Over 8%

Headline Roundup March 14th, 2022

Crude oil prices temporarily fell below $100 per barrel on Monday, down from a peak of over $130 per barrel earlier this month. 

Prior to Mar. 1, when oil prices were last below $100 per barrel, prices had risen steadily from about $70 per barrel in Nov. 2021. Analysts in some outlets predicted that “Americans could start to see some relief at the gas pump” due to falling oil prices. On Sunday, polls from CBS News/YouGov and ABC News/Ipsos showed that most Americans supported banning Russian oil even if it made gas prices rise. 

While left and center-rated outlets were more likely to cover falling oil prices on Monday, outlets across the spectrum covered topics related to gas prices. Coverage was mostly balanced across the spectrum; while the New York Times (Lean Left bias) suggested financial market volatility was easing, Fox Business (Lean Right) suggested volatility remained high. Several outlets covered gas prices’ impact on rideshare and food delivery apps, including drivers’ smaller incomes and Lyft’s temporary surcharge fees. Some left-rated outlets covered the impact on workers returning to offices after working from home. 

From the Center

U.S. oil tumbled more than 8% on Monday, breaking below $100 per barrel, amid talks between Russia and Ukraine as well as new Covid-19 lockdowns in China — which could dent demand.

West Texas Intermediate crude futures, the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel at the lows of the day. International benchmark Brent crude shed 8% to $103.68 per barrel.

In afternoon trading some of the losses were recovered. WTI settled 5.78% lower at $103.01 per barrel, with Brent finishing the day at $106.90 per barrel, for...

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From the Left

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...

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From the Right

U.S. stocks ended the Monday session mostly lower as commodity prices eased off recent highs and investors look ahead to the Federal Reserve's likely rate hike on Wednesday. The Russia-Ukraine conflict also remains a driver of volatility. 

The Dow Jones Industrial Average was little changed, kept afloat by financials, including American Express, Travelers and Visa. 

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