With the start of the Russian operation in Ukraine, oil jumped over $100 in late February, raising fears of supply disruption in a market that is already in short supply. Prices didn't stop there.

West Texas Intermediate crude traded at a high of $130.50 last week, with Brent crude reaching almost $140, at the highest level since 2008.

Markets are looking forward to the outcome of the new round of talks between Russia and Ukraine today, hoping for a solution that will end the ongoing crisis, while Chinese demand is set to decline for the current month due to extended epidemiological closures that could disrupt factories.

West Texas Intermediate crude futures lost 8.75% of their value during today's transactions to trade at $99.76 per barrel, and global "Brent" crude fell 8% to trade at $103.68 per barrel.

Today's massive sales of oil contracts follows last week's downturn, which saw West Texas Intermediate and Brent crude record their worst week since November.