Oil price falls below $100 amid Russia-Ukraine ceasefire talks

Drop in price comes as Covid-19 infections rise in China, which could hit demand for energy supplies

Global oil prices have fallen back below $100 (77) a barrel amid ceasefire talks between Russia and Ukraine and concerns over the rapid growth in Covid infections in China.

The price of a barrel of oil slid to $99 on energy markets on Tuesday, before rising back to just above $100 in early afternoon trading. It comes amid a decline from a 14-year high of close to $130 reached earlier this month after Vladimir Putin ordered troops into Ukraine.