Oil Prices Plunge More Than 5% as Brent Drops Below $100

LONDON/NEW YORK- Oil prices dropped by more than five percent on Wednesday, as Brent crude futures fell $6.21, or 5.9 percent, to $98.28 a barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures shed $4.67, or 5.1 percent, to reach $87.68 a barrel.

Both benchmarks had risen by approximately five percent on Tuesday, before retreating their gains in volatile trading after the close.