Oil Prices Dip to $99.27 Per Barrel Amid Global Market Volatility

Oil prices are currently trading at $99.27 per barrel, down $2.34 from yesterday morning's level and up $32.60 from a year ago.

The Brent benchmark, used to price a large share of the world's traded crude, has historically been influenced by wars, recessions, OPEC whims, shifting energy policies, and other factors.

When oil prices rise, gas pump prices usually follow suit, as crude oil makes up more than half the cost per gallon. However, when oil falls, gas prices tend to increase at a slower rate.