Oil slides around noon Tuesday with the futures price of European reference crude Brent dropping below USD 100 for the first time since the outbreak of war in Ukraine.

Brent futures sit at USD 99.01, which is 7.4 percent lower than on Monday when the price went down by 5 percent. This is the lowest level since Feb. 28, four days after Russia's attack on Ukraine.

The price is being pushed down by Covid-19 lockdowns in China, which is the world's largest oil importer, along with improved prospects of a ceasefire in the war in Ukraine.

Although fears of a potential disruption of oil supplies from Russia still linger, they have receded into the background. However, the Organization of the Petroleum Exporting Countries points out that there is currently no shortage of oil in the market.

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