Oil Prices Temporarily Fall Over 8%
Summary from the AllSides News Team
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.
Featured Coverage of this Story
From the Center
U.S. oil tumbles more than 8%, dips below $100 per barrel
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...
From the Left
Oil briefly tumbles below $100 a barrel. That's good news for gas prices
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...
From the Right
Nasdaq hits December 2020 low, S&P slides as oil hits $103
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.
AllSides Picks
April 25th, 2024
April 25th, 2024
April 25th, 2024
More News about Energy from the Left, Center and Right
From the Left
From the Center
From the Right
