Crude prices which at one point scaled to $140 per barrel amid Ukraine-Russia tensions have plummeted heavily. As per oilprice.com while WTI crude has come down to $97.24, after shedding over 5%, Brent crude has gone down even more 5% to $100.9 per barrel.
This is primarily on expectations of peace between Russia and Ukraine as there are reports of discussion being held up. So, consequently prices have hit a 2-week low on Tuesday. Also, there is news around fresh curbs in Shenzen because of coronavirus that may slow down the demand for the oil commodity. As per Reuters report, China recorded a sharp jump in corona cases and the symptomatic cases more than doubled from a day earlier to a 2-year high.
Meanwhile, there are high expectations that the Fed in its March meeting scheduled for March 15 and March 16, 2022 will bring about rate hike and also being tapering its balance sheet to curb the high inflationary pressure.
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