Oil tumbles 3% as Russia withdraws some troops from Ukraine

2 min read | February 16, 2022 01:30 PM AEDT | By Arpit Verma

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Oil tumbles 3% as Russia withdraws some troops from Ukraine — Image source: Copyright © 2022 Kalkine Media®

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Highlights

Crude oil prices tumbled on Tuesday.

The substantial drop in the prices came after Russia stated that it has withdrawn some of the military units back to bases.

Investors are also eyeing talks between the US and Iran on reviving the 2015 nuclear deal.

Crude oil prices tumbled over 3% on Tuesday taking a deep dive from seven-year high levels. The substantial drop in the prices came after Russia stated that it has withdrawn some of the military units back to bases following the completion of exercises near Ukraine.

The oil prices rose staggeringly to touch a seven-year high level on Monday as investors were concerned about the potential war between Russia on Ukraine which is expected to hamper crude oil supplies as Russia is the world’s largest producer of oil and gas.

Must Read: Crude oil hits fresh seven-year high amid Russia-Ukraine tension

April delivery Brent Crude oil futures last traded at US$93.52 per barrel up 0.27%, whereas March delivery WTI crude oil futures traded 0.25% up at US$92.30 per barrel as of 16 February 2022 at 12:01 PM AEDT.

Ukraine-Russia tension

The recent development between Russia and Ukraine drew a cautious response from Britain and Ukraine that Moscow might invade its neighbor at any time.

On Tuesday, Ukraine stated that its defense ministry and two banks had been subjected to cyber-attack, appearing to pinpoint Russia.

Ukraine’s invasion

Meanwhile, investors are also eyeing talks between the US and Iran on reviving the 2015 nuclear deal, expected to bring 1Mbpd of oil into the market to cool boiling oil prices.

Underlining the tight supply and demand balance, US crude stockpiles tumbled 1.1 million barrels for the week ended on 11 February 2022, as per the American Petroleum Institute figures.

Also Read: WTI Crude surpasses US$90/bbl as frigid weather cascades across the US

Bottom Line

Crude oil prices tumbled nearly 3% on Tuesday from seven-year high levels amid retiring tension between Russia and Ukraine.

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