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U.S. oil futures drop by nearly 4%

32597 us oil futures drop by nearly 4

Oil futures declined on Tuesday, as some concerns over the Russia-Ukraine crisis eased, pulling U.S. prices down by almost 4%. “We estimate that oil prices are $10-$20 higher than they should be because of uncertainty surrounding Russia/Ukraine,” said David Bahnsen, chief investment officer at The Bahnsen Group. “With oil prices in the $90s, demand may start to erode.” Still, prices in the mid-$70s per barrel “could become a new baseline, given the current supply and demand dynamic,” he said in market commentary. West Texas Intermediate crude for March delivery CLH22, +1.23% fell $3.39, or nearly 3.6%, to settle at $92.07 a barrel on the New York Mercantile Exchange.

Source: Marketwatch

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