New York West Texas Intermediate (WTI) crude futures ended lower on Tuesday (February 15) after news reports said. Russia has withdrawn some of its troops stationed in the border areas with Ukraine back to its domestic bases. This has helped ease market concerns about the conflict between Russia and the West.
The WTI crude oil contract was delivered in March. It fell $3.39, or 3.6%, at $92.07 a barrel.
The Brent crude oil contract (BRENT) will deliver in April. It was down $3.2, or 3.3 percent, at $93.28 a barrel.
Oil prices previously surged above $95 to their highest in more than seven years amid concerns that US and Western nations may impose sanctions on Russia If there is an attack on Ukraine This will affect oil exports from Russia.
Ukrainian government officials called on Tuesday for more diplomatic efforts to ease tensions between Ukraine and Russia.
Investors continue to keep an eye on the progress of the Iran nuclear deal talks. This could pave the way for Iran to return to world oil exports.
Superpowers and Iran have resumed negotiations for a nuclear deal in Vienna. While the United States has indirectly participated in the talks. After former President Donald Trump announced his withdrawal from talks in 2018.
Traders will also await the release of crude inventories from the US government’s Energy Information Administration (EIA). which will be revealed on Wednesday Analysts polled by S&P Global Plats expect U.S. crude inventories to drop 200,000 barrels for the week ending Feb. 11.
