U.S. oil tumbled more than 8% on Monday, breaking below $100 per barrel, amid talks between Russia and Ukraine as well as new Covid-19 lockdowns in China — which could dent demand.
In afternoon trading some of the losses were recovered. WTI settled 5.78% lower at $103.01 per barrel, with Brent finishing the day at $106.90 per barrel, for a loss of 5.1%.
Workers extract oil from oil wells in the Permian Basin in Midland, Texas.
Benjamin Lowy | Getty Images
Rebecca Babin, senior energy trader at CIBC…