US oil prices tumbled below $100 a barrel, unwinding a significant chunk of the recent spike caused by Russia's invasion of Ukraine.
Oil plunged more than 8%, touching a low of $99.76 a barrel. That means oil has lost almost roughly quarter of its value since touching a near 14-year high of $130.50 a barrel on March 6. It's the first time oil has traded below $100 since March 1."This is one hell of a correction," said Tom Kloza, global head of energy analysis at the Oil Price Information Analysis.
Why are US gas prices soaring when America barely uses Russian oil?Unfortunately, any relief at the pump may not last long.Kloza still expects gasoline prices to rise this spring and summer as demand recovers, with the national average climbing to around $4.50 a gallon. "It's just going to be a wild ride," Kloza said.Ryan Fitzmaurice, energy strategist at Rabobank, similarly believes oil prices have not yet set their highest levels of the current cycle.
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