U.S. gas prices dip as oil drops below $100 a barrel
CBSN
Americans can expect a measure of relief for record high gas prices as oil recedes to less than $100 a barrel, analysts said.
The U.S. crude benchmark fell 6% Tuesday to $96.84, down from nearly $130 a barrel last week — its highest level since 2008. Oil prices are falling as Russia and Ukraine leaders discuss a possible ceasefire, according investment bank UBS.
"The move reflects easing fears of further supply disruptions based on ceasefire talks between Russia and Ukraine," UBS analysts said in a report. "There were also indications that, while energy companies in Europe continue to avoid Russian oil, India has bought discounted Russian crude, potentially mitigating the hit to global supply from import bans in the US, UK and Canada."
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