U.S. oil tumbles more than 8%, dips below $100 per barrel

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 lockdowns in China — which could dent demand. , the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel. International benchmark shed 8% to trade at $103.68 per barrel. Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., attributed the declines to a mix of geopolitical and demand factors. Russia and Ukraine were slated to resume peace talks on Monday, while China's March demand is set to be revised lower due to new Covid lockdowns. Additionally, open interest in Brent futures has dropped, which means financial players are reducing risk. "Today's action reflects a shift in sentiment in Russia/Ukraine causing sentiment traders to sell, fundamental concerns around demand coming from China's Covid lockdowns causing fundamental traders to take profits, and technical pressure as crude breaks" key levels, said Babin. Monday's sell-off builds on last week's decline, which saw WTI and Brent register their worst week since November. Oil surged above $100 in late February as Russia invaded Ukraine, prompting fears that supply would be disrupted in what was already a tight market. It was