Between March 8 and 16 crude oil dropped 23% in just one week from $123.7 to $95. First, anybody can explain why this drop happened so drastically and so quickly (just 1 week) and second if this could happen again soon since we’re about to reach that level?

This is what CNBC wrote on March 15th concerning that crash: “Oil drops again, now more than 27% below recent high. Oil registered heavy losses Tuesday, building on Monday’s decline, as myriad factors weighed on sentiment, including talks between Russia and Ukraine, a potential slowdown in Chinese demand and unwinding of trades ahead of the Federal Reserve’s expected rate hike on Wednesday.“

The arguments they mention seem very vague and not sure if those were the real reasons oil dropped that much. Also if those are the reasons, then this could happen again soon. For example Putin will have new talks with Ukraine simply because the war has become too expensive for Russia and the Fed will continue its rate hikes.

So let’s discuss. What were the real reasons for that big drop in March and do you see it happen again (soon)?