Oil Slumps from 7-Year High as Russia Withdraws Some Troops

• Oil tumbled over 4% from a seven-year high on Tuesday after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West. 
• It was not clear how many units were being withdrawn, and by what distance, after a build-up of an estimated 130,000 Russian troops. The report on the troop movements prompted an extension of oil losses. Brent crude fell $3.99, or 4.1%, to $92.49 a barrel by 11:11 a.m. EST and the U.S. West Texas Intermediate (WTI) crude fell $4.28, or 4.5%, to $91.18 a barrel. 
• 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 jumped 50% in 2021, while WTI soared around 60%, as a global recovery in demand from the COVID-19 pandemic strained supply.

(Source: Reuters)