WASHINGTON (dpa-AFX) - Oil dropped from a seven-year high on Tuesday after Russia signaled a de-escalation of tensions.
Brent crude futures for April delivery fell $2.58, or 2.6%, to $93.90 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down $2.91, or a little over 3 percent, at $92.55.
Both oil benchmarks hit their highest since September 2014 on Monday on fears of a possible disruptions of Russian energy supplies.
The Russian military today said that some of its troops are expected to return to bases as a number of drills have finished.
There is a certain relief in the Ukraine-Russian crisis as the two sides seem willing to continue their diplomatic efforts to avoid a military action.
German Chancellor Olaf Scholz said the West is open to dialogue about Russia's security concerns, but will impose sanctions if it invades Ukraine.
A Russian invasion of Ukraine remains highly likely, British foreign secretary Liz Truss has warned.
Prime Minister Boris Johnson and U.S. President Joe Biden agreed in a call on Monday there was a crucial window for diplomacy.
Investors are also watching talks between the United States and Iran on reviving Tehran's nuclear deal with world powers.
After months of off and on negotiations, Iran said an agreement to revive a 2015 nuclear deal with the world powers was near.
Russian Foreign Minister Sergei Lavrov spoke to his Iranian counterpart Hossein Amirabdollahian on Monday and they noted a 'tangible move forward' in reviving the Iran nuclear deal, according to Russia's foreign ministry.
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