Crude oil prices fell sharply for the third day in a row on Tuesday, as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, a surge in Covid-19 cases in China spooked the markets, and the US Federal Open Market Committee (FOMC) started two-day meeting to increase interest rate.
As of 1455 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $7.53 (-7.04 percent) to reach 99.37 a barrel. Brent traded as high as $139.13 a barrel last week and as low as $105.60, which has been the highest ever trading range for a week since the Brent benchmark was launched in 1988.—TLTP
