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U.S. oil fell $6.57 per barrel, or 6.38% to $96.44 on Tuesday and is now down 27% since touching $130 last week.
As stocks rally, Bitcoin and other cryptos are seeing a relatively modest bounce
U.S. equity futures are little changed Tuesday morning.
Oil slipped below $100 a barrel and gold was down 1.7% to $1,927 an ounce.
The law would allow the airlines to take and operate planes leased by foreign companies that have stopped businesses operations in the country over its invasion of Ukraine, the state-owned TASS news agency reported.
The planes will be certified by certification centers and test laboratories, the news outlet reported. The move is an attempt to circumvent Western sanctions that have resulted in multiple countries, including the United States, closing their airspace to Russian airliners.
Cryptocurrency prices were lower early Tuesday morning as the war in Ukraine has intensified and peace talks have stalled.
Bitcoin was trading at around $38,420, down 1.72%, while Ethereum and Dogecoin were also lower, trading at approximately $2,520 (-2.87%) and 11.13 cents (-3.12%), respectively, according to Coindesk.
U.S. stocks are wavering between positive and negative territory early Tuesday morning.
Stocks and oil prices tumbled Monday as investors assessed the impact of new COVID-19 outbreaks in China and awaited a likely interest-rate increase by the Federal Reserve later this week.
Oil prices fell more than 5% on Monday to the lowest in nearly two weeks amid hopes for progress toward a diplomatic end to Russia's invasion of Ukraine - a development that would boost global supplies - while a pandemic-linked travel ban in China cast doubt on demand.
Powered ByBrent futures fell $5.77, or 5.1%, to settle at $106.90 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $6.32, or 5.8%, to settle at $103.01.
That was the lowest close for WTI since Feb. 28 and the lowest for Brent since March 1. Both benchmarks have surged since Russia's Feb. 24 invasion of Ukraine and are up roughly 36% so far this year.
The Federal Reserve is expected to begin raising interest rates this week for the first time in three years as policymakers look to cool red-hot inflation, a move that comes at a precarious time for the U.S. economy as it confronts a continuing pandemic and a war in Europe.
The U.S. central bank is almost certain to raise its benchmark federal funds rate by at least a quarter of a percentage point at the end of its two-day policy-setting meeting on Wednesday.
Investors will also be closely watching new projections showing how fast Fed officials believe they need to raise rates this year to prevent soaring inflation from becoming entrenched.
In December, most officials predicted that rates would hover around 2.10% by the end of 2024.
A worsening drought in the southern U.S. Plains is threatening the region's winter wheat crop just as the Ukraine crisis dents global supplies.
Some farmers in southwestern Kansas, the top U.S. wheat producing state, have not received much measurable rain or snow since October. Winter wheat is planted in autumn, lays dormant in winter and begins sending up green shoots in spring. Proper soil moisture is critical at this stage for the crop to thrive.
More than half of Kansas was classified as under severe drought or worse as of March 8, the driest conditions since 2018, according to the National Drought Mitigation Center.
Severe drought is also covering three-quarters of Oklahoma and more than two-thirds of Texas, both of which also are large wheat producers.
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