Oil drops from 7-year high on report some Russian troops return to base

Oil dropped from a seven-year high to around $94 a barrel on Tuesday, pressured by a report that some troops in Russia's military districts adjacent to Ukraine are returning to bases, a move that could de-escalate tension between Moscow and the West.

Russia's Interfax news agency cited the defence ministry as saying that while large-scale drills across the country continued, some units of the Southern and Western military districts have completed their exercises and started returning to base.

Brent crude fell $2.35, or 2.4%, to $94.13. U.S. West Texas Intermediate (WTI) crude dropped $2.00, or 2.1%, to $93.46.

"There are no prizes for guessing the driving force behind this bout of volatility," said Stephen Brennock of oil broker PVM. "The Russia-Ukraine crisis has put the energy market on high alert for possible disruptions of Russian energy supplies."

Both oil benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82. The price of Brent rose 50% in 2021 as a global recovery in demand from the COVID-19 pandemic strained supply. Please take this quickly
 

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