WASHINGTON (dpa-AFX) - Crude oil prices plunged sharply on Tuesday as worries about supply disruptions eased amid de-escalation of tensions between Russia and Ukraine.
Oil prices were under pressure as geopolitical tensions eased following news Russia is pulling back some troops from the Ukrainian border.
West Texas Intermediate Crude oil futures for March ended down by $3.39 or about 3.6% at $92.07 a barrel.
Brent crude futures were down $3.31 or 3.47% at $93.17 a barrel a little while ago.
Russian Defense Ministry spokesman Igor Konashenkov said units from Russia's southern and western military districts, which border Ukraine, have already begun returning to their bases after completing combat training.
The news has helped ease concerns about a Russian invasion of Ukraine, and crude oil supply disruptions.
Investors are also closely watching talks between the United States and Iran on reviving Tehran's nuclear deal with world powers.
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.
Meanwhile, markets are looking ahead to weekly crude oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
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