Oil races back above $100 a barrel
CNN
Turbulence in the oil market continued on Tuesday, with crude prices soaring back above $100 a barrel on concerns about a loss of supply of oil from Russia and signs that lockdowns in China may be easing.
US crude jumped 7% to $100.84 a barrel in recent trading. Brent crude, the world benchmark, gained 6.2% to $104.62 a barrel.
The sharp gains come after oil prices fell on Monday to the lowest level since the beginning of the war in Ukraine in part due to worries about China's Covid lockdowns hurting demand for energy.
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