Need for sharp fuel price hike dims as oil slips below $100

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The government’s policy to sit out the surge in oil prices seems to be paying off. Crude tumbled below $100 per barrel on Tuesday, easing the need to sharply raise pump rates or cut taxes. Global benchmark Brent crude settled at $98/barrel after slipping to $97.44 as a massive outbreak of Covid-19 in China gave rise to worries over demand destruction and Moscow’s support for early resumption of nuclear talks with Iran eased supply concerns.