Highlights of the story
- Prices soared for fear of disrupting the supply chain
- Tensions can be reduced by returning soldiers
Crude oil prices eased on Tuesday on reports that some soldiers had been withdrawn from Russian districts bordering Ukraine. The reports cut crude oil prices to $ 94 a barrel, the highest in seven years on Monday. This was stated in a press release issued by the Reuters news agency. With the withdrawal of troops, tensions between Moscow and the West could ease.
The issue of repatriation of soldiers came to light in this report.
On the one hand, large-scale drilling is underway across the country, according to a news release from the News Agency, citing the Ministry of Defense. On the other hand, the southern and western military districts have completed their training and are returning to the base.
Brent crude is down a lot
Brent crude was down $ 2.35, or 2.4 percent, at $ 94.13 a barrel. At the same time, West Texas Intermediate crude for the United States was down $ 2, or 2.1 percent, at $ 93.46 a barrel.
Oil broker Stephen Brenak of PVM said: “There is no point in speculating on the underlying cause of this climate fluctuation.
The price has risen to a level not seen in 7 years
Both oil scores hit a seven-year high on Monday. Brent was $ 96.78 a barrel and WTI was $ 95.82 a barrel. Brent prices are expected to rise by 50 per cent in 2021 as global demand picks up after the deregulation of Govt-19.
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