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3/15, 12:24 PM (Source: TeleTrader)
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Oil drops 7% amid Ukraine talks, China demand fears

Prices of oil futures declined sharply on Tuesday, losing over 7% amid ongoing negotiations between Ukraine and Russia.

Meanwhile, the traders were also worried over China's future demand for crude, as the country doesn't seem to step away from its zero-COVID policy in efforts to curb the spread of the coronavirus in its largest cities.

Brent for settlements in May plunged 7.26% to $99.18 per barrel at 7:12 am ET, while West Texas Intermediate tumbled 7.66%, going for $95.12 per barrel at the same time.

Baha Breaking News (BBN) / BU