US oil tumbles 7%, dips below $96/barrel

Crude oil is extending decline with West Texas Intermediate crude futures has broken below $100/barrel.

This comes amid talks between Russian and Ukraine in addition to lockdowns in China on Codid-19 spread.

Sources told CNBC yesterday that US officials talked with Venezuelan counterparts on possible oil shipping of the Latin US-sanctioned country to America instead of Russian crude.

Moreover, Chinese authorities said that it has been forced to impose lockdowns in some regions because of Covid-19 increasing cases which could dent the oil demand.

 WTI crude futures lost 7% to trade at $95.8 a barrel. While the international benchmark Brent crude shed 6.6% to trade at $99.8 a barrel.