Crude oil prices fall below $100 a barrel — lowest in three weeks

Oil prices, on Tuesday, plummeted over 6 percent amid hopes for progress to end Russia’s invasion of Ukraine.

Brent crude, the global oil benchmark, fell to $99.98 a barrel, while West Texas Intermediate (WTI) plunged to $96.31 a barrel.

This is the lowest since February 28, 2022.

Russian and Ukrainian officials continue diplomatic talks to end the war could lead to an agreement within days.

According to Reuters, Russian and Ukrainian delegations held the fourth round of talks on Monday via videoconference, but no new progress was announced.

In recent weeks, petrol prices have increased around the world.

Last month, petrol prices in the UK reached a record high of 148.02p (N808.8) per litre, adding pressure on the pockets of British residents.

In Nigeria, the price of deregulated automotive gas oil, also known as diesel, had surpassed N600 per litre —after crossing the N500 mark at ex-depot.