
International oil prices plummeted by nearly 27% from their recent highs, falling below $100 a barrel for two days in a row. On the 15th (local time), US West Texas Intermediate (WTI) futures for April delivery fell 6.38% from the previous market at $96.44 per barrel. North Sea Brent crude for May contracts fell 6.54% to $99.91 a barrel. The day before, both WTI and Brent were down more than 5%. Brent oil plummeted 27% from nearly a week ago when it reached $140 a barrel. WTI also fell more than 20% from its previous high, entering a technical bear market (bear market). Peace negotiations between Russia and Ukraine continued today. Concerns have grown over the economic slowdown as China shuts down Shenzhen, a city full of technology factories, due to the novel coronavirus infection (Corona 1). In addition, profit-taking sales were pouring out of the increase ahead of the rate hike by the US central bank, the Federal Reserve. Geoffrey Harley, senior market analyst at Oanda Securities Co., Ltd., said oil prices were lowered on the back of concerns about stagflation (inflation + recession) caused by the Russian-Ukrainian war and news of progress in peace negotiations between Russia and Ukraine added to the prospect of a US interest rate hike this week. .