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Oil prices tumbled to their lowest levels in almost three weeks on Tuesday as supply disruption fears eased and as surging Covid-19 cases in China spurred demand concerns.
Brent futures were down $6.40, or 5.9 per cent, to $100.50 a barrel at 1308 GMT, while US West Texas Intermediate (WTI) crude was down $6.35, or 6.1 per cent, to $96.66 a barrel.
Brent fell as low as $97.44 and WTI hit $93.54, their lowest levels since February 25.
The steep decline followed a statement from Russian Foreign Minister Sergei Lavrov that Moscow is in favour of the 2015 Iran nuclear deal resuming as soon as possible.
The talks to revive the nuclear accord, which would lead to sanctions on Iran’s oil sector being lifted and allow Tehran to resume crude exports, had recently stalled due to Russian demands.
(TDS)
