Crude oil price below $100 for first time in nearly 3 weeks, down 25% from 14-year high

The last couple of days have been nothing short of a complete meltdown in the case of commodities and with a 25 percent decline in crude oil prices. This is a bearish market once it’s below 20 percent from its high.

The prices continue to decline because the war premium (Russia-Ukraine) seems to be coming off; markets have factored all of that in, but China implementing lockdowns across the country could lead to lower demand going forward and that’s what the markets are worrying about and the prices have come down.

Russia also said that they are in favour of the Iran nuclear deal. And the US inventories, in the previous week, saw a surge and all of that also added to some more pressure.