Both North Sea oil and US light oil were down around 6 percent about an hour after trading began.
After almost falling below the 100-dollar limit, North Sea oil stabilized at a price of just over 102 dollars a barrel. US light oil stabilized at just under $ 99 a barrel.
Failure to sell to China
The news agency AFP links the decline to declining demand in China, where parts of the industry have been shut down due to coronary heart disease.
In the Chinese technology center Shenzhen, 17 million inhabitants have been told to stay home. Technology giants such as Huawei and Tencent are among those affected by the shutdown.
Foxconn, which is a supplier to Apple, has also been ordered to close.
The sharp drop in prices comes just one week after oil prices soared due to unrest following Russia’s invasion of Ukraine.
One week ago, North Sea oil was sold for over $ 130 a barrel, according to the Oslo Stock Exchange.
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