The futures of Petroleum They fell back from seven-year highs on Tuesday as Russia said some troops were returning to bases after military exercises near the Ukrainian border, which could temper fears of an invasion.
At 0912 GMT, US West Texas Intermediate (WTI) crude was down $2.00, or 2.1%, at $93.46, while Brent crude was down $2.35, or 2 .4%, to 94.13 dollars per barrel.
Fears of an imminent Russian invasion of Ukraine faded somewhat after Moscow said on Tuesday that some units would start returning to their bases, although Ukraine’s leaders expressed skepticism.
The announcement comes a day after Russia’s foreign minister indicated that Putin was prepared to continue talking with the United States and its allies about the security issues that led to the Ukraine crisis.
The threat of an invasion was cited as one of the reasons for the recent spike in crude prices that pushed both benchmarks close to the $100 a barrel threshold.
“In the very short term, geopolitics, and specifically Russia-NATO tensions in Ukraine, will be the main driver of the global oil market, as an escalation will push prices into triple digits, while a de-escalation is likely to result. on a wave of earnings recovery to $90 a barrel in WTI,” analysts at Sevens Report Research wrote, in a note on Tuesday.
Source: Larepublica
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