Stock Market Today: Stocks Jolted Awake as Oil Enters Bear Market

Oil slumps below $100 per barrel and into bear territory, providing the equity market with some much-needed relief.

A golden bear on a keyboard key that says "crude oil"
(Image credit: Getty Images)

Another precipitous decline in oil prices, as well as hints of an easing in other inflationary pressures, managed to snap losing streaks across the major indexes Tuesday.

U.S. crude oil futures continued their recent dive, shedding 6.4% to $96.44 per barrel – enough to put the commodity into bear-market territory from its March 8 highs. Oil was dragged down by ongoing peace talks between Ukraine and Russia, as well as a surge in China's COVID-19 caseload, which could spark additional shutdowns that could reduce demand.

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Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.