Oil prices dropped 30% in a week. What gives?
CNN
After Russia invaded Ukraine, global oil prices experienced a dramatic spike. Just over a week ago, Brent crude leaped above $139 per barrel. Analysts warned prices could touch $185, then $200 as traders shunned Russian oil, pushing inflation even higher and adding huge strain to the global economy.
But there's been a rapid reversal since then. Brent crude futures, the global benchmark, have cratered almost 30% from their peak. They're trading below $100 per barrel after shedding another 7% on Tuesday.
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