U.S. oil prices dropped 8.75 percent on Monday after Omicron cases began to rise in China, spurring new lockdown measures in the country, and talks continued between Russia and Ukraine.
West Texas Intermediate crude futures, which is considered the oil benchmark of the U.S., fell to below the $100 mark, to $99.76 a barrel at its lowest point. Oil recouped some of these losses later in the day, though, with WTI settling at $103.01, down 5.78 percent.
China is expected to revise its demand for oil this month in response to resurgent coronavirus restrictions in the face of Omicron. Russia and Ukraine continue to talk peace, though nothing much has yet come of those discussions.
Last week we saw WTI fall to its lowest point since November. In February, prices climbed well past $100 for the first time since 2014. Though it seems that as the Russia Ukraine conflict remains volatile, prices for commodities will as well.