WASHINGTON (dpa-AFX) - Crude oil prices retreated on Tuesday in spite of the escalation in geopolitical tensions between Ukraine and Russia that converted the European equity markets into a sea of red. The decline follows a massive 3 percent spike on Monday triggered by production disruptions at Norway's Johan Sverdrup oilfield.
Brent Oil Futures for January settlement is currently trading at $72.95, having shed 0.48 percent from the previous close of $73.30. Prices had jumped 3.2 percent on Monday.
The day's trading ranged between $70.7 and $73.53 whereas the 52-week trading range was between $68.29 and $91.18.
Brent oil has gained 1.6 percent in the past week. On a year-to-date basis, the loss exceeds 5 percent.
West Texas Intermediate (WTI) Crude Oil Futures for January settlement also decreased 0.48 percent from the previous close of $69.17 to trade at $68.84. Prices had jumped 3.4 percent on Monday.
Prices ranged between a high of $69.38 and a low of $68.49 in the day's trading. Trading ranged between $65.27 and $87.67 over the past 52 weeks.
WTI has gained 1.3 percent in the past week. On a year-to-date basis, the loss is a little less than 3.9 percent.
Both Brent and WTI crude have declined around 8.8 percent over the past one year.
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