Oil Plunges Over 7 Percent on Easing Supply Concerns, China COVID-19 Cases

Models of oil barrels and a pump jack are displayed in front of Ukrainian and Russian flag colors in this illustration taken, on Feb. 24, 2022. Dado Ruvic/Reuters

NEW YORK—Oil prices tumbled more than 7 percent to their lowest in almost three weeks on Tuesday as supply disruption fears eased and surging COVID-19 cases in China spurred demand concerns.

Brent futures fell $7.89, or 7.4 percent, to $99.01 a barrel by 11:51 a.m. EDT (1551 GMT), while U.S. West Texas Intermediate (WTI) crude dropped $8.11, or 7.9 percent, to $94.90 a barrel.