BREAKING: Crude Oil Price Crashes

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Oil price, on Tuesday plummeted to $99.98 a barrel, the lowest in the last three weeks.

The global oil benchmark, Brent crude, fell by over 6 percent to trade at $99.98 a barrel.

West Texas Intermediate witnessed a corresponding increase of over 6 percent at $96.31 a barrel.

The price of crude had last Monday increased to $130 a barrel, the highest since 2008 as the United States and its European allies considered banning the importation of Russian oil in protest against Russia’s invasion of Ukraine.

Russia is the world’s second-largest oil producer, which mainly sells crude to European refineries, and is the largest supplier of natural gas to Europe, providing about 35% of its supply.