Oil Falls From Its Highest Level in 7 Years After Reports of The Russian Forces to Their Bases

Oil prices fell on Tuesday from a seven-year high to around $94 a barrel, after a report that some troops in Russian military areas adjacent to Ukraine had returned to their bases, in a move that would ease tensions between Moscow and the West.

While large-scale exercises continue across the country, some units in the southern and western military regions have completed their exercises and started returning to their bases, the Interfax news agency quoted the Russian Defense Ministry as saying.

Brent crude prices fell $2.35, or 2.4 percent, to reach $94.13 a barrel by 0912 GMT, while US crude fell by $2, or 2.1 percent, to $93.46 a barrel.