Oil Prices Drop to Below $100/Barrel
New York, NY, March 16, 2022--Oil prices dropped below $100/barrel on March 15, undoing much of the price surge since Russia invaded Ukraine, reports the Wall Street Journal.
"West Texas Intermediate, the U.S. benchmark, dropped over 6% to $96.44 a barrel. Brent crude, the international benchmark, declined over 6% to $99.91 a barrel. Delta Air Lines closed at $34.86, up $2.79, or 8.7%. American Airlines rose $1.32, or 9.3%, to $15.57, and United Airlines climbed $3.22, or 9.2%, to $38.24.
“Russia’s invasion of Ukraine could weigh on global demand for oil, according to a monthly market report from the Organization of the Petroleum Exporting Countries."