Crude oil prices reveresed course on Tuesday, falling for the first time in three day amid easing concerns about another sharp escalation between Russia and Ukraine.
WTI and Brent futures were trading back on the negative territory, after Russian troops reportedly were called back to their bases, signaling an easing of tension between Russian and Ukraine. Yesterday, energy markets saw sharp gains after Russia`s President Vladimir Putin won Parliamentary approval to lauch a military intervention in Ukraine.
As of 03:26 a.m. ET:
- WTI Crude for April delivery fell 1.16% to $103.70 a barrel
- Brent Crude fell 1.40% to $109.64 a barrel
The Kremlin was reported to have told tropps engaged in military excersies to retrun to base. Spokesman Dmitry Peskov said the excersies, which Moscow denired were linked to events in Ukraine, had been a success.
Tension between Ukraine and Russia, the world`s largest energy exporter, could be easing at the moment, after fears of supply disruption and sanction against Russia took oil prices to the highest in almost five months yesterday.
Market volatility will remain evident in line with the latest developments over Ukraine, because a possible disruption of Russian natural gas to Ukraine would largely impact the oil markets. But signs of easing tenion could offer further stability to the market.
- NYMEX Natural Gas rose 0.67% to $4.522 per million British thermal units