Oil prices tumbled to their lowest levels in almost three weeks on Tuesday as supply disruption fears eased and as surging COVID-19 cases in China spurred demand concerns.
Brent futures were down $6.40, or 5.9%, to $100.50 a barrel at 1308 GMT, while U.S. West Texas Intermediate (WTI) crude was down $6.35, or 6.1%, to $96.66 a barrel.
Brent fell as low as $97.44 and WTI hit $93.54, their lowest levels since Feb. 25.
The steep decline followed a statement from Russian Foreign Minister Sergei Lavrov that Moscow is in favour of the 2015 Iran nuclear deal resuming as soon as possible. read more
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