Oil pump under the blue sky with beam pumping unit in the oil field. Zheng Zaishuru/iStock
OilPrice.con: Oil Tanks After Russia Pulls Troops From Ukrainian Border
Oil prices slumped early on Tuesday after Russia said some troops are returning to bases, which the market interpreted as a possible sign of de-escalation of the tension following several days of warnings that Russia would invade Ukraine "any day now."
Profit-taking also pushed oil prices lower as investors and speculators moved to cash in after oil prices hit $96 early on Monday.
As of 8:04 a.m. EST on Tuesday, WTI Crude was down by 3.31% at $92.44, and Brent Crude prices were falling by 3.03% to $93.71. The geopolitical risk premium continues to drive the oil market, as evident in today's price move lower after Russia signaled it's pulling some of its troops and returning them to their permanent bases in Russia.
Units of Russia's military are heading back to base by rail and by truck at the conclusion of their drills, the Russian Defense Ministry said on Tuesday, as quoted by news agency Interfax.
Read more ....
Update: Oil retreats from 7-year high as Russia says it withdraws some troops (Reuters)
WNU Editor: It looks like the commodity markets have made the decision that there will be no Russian invasion of Ukraine in the foreseeable future.
On a side note. Russia and China have just signed a massive oil deal .... Russia And China Ink Huge Oil Deals As Ukraine Tensions Soar (OilPrice.com).
5 comments:
I don’t get paid to give an opinion.
I knew months ago this Putin ploy with Ukraine was pure opera at best, a trap for Biden at worse.
Putin made a fool out of him, his administration and his nation.
The consequences for Europe and the USA start with the USA having a sharply diminished role in NATO, because the Europeans will demand it.
I don't get paid to have an opinion. I get paid by the Russian army.
At least a bunch of people aren't dying yet. I did say yet.🙁
If we avoid a shooting war, both sides can claim "victory." The Biden Administration will claim that their tough stance toward Russia got them to stand down. They could be right.
O don't think anyone said it isn't possible to die in a non shooting war. The number of ways in which the human can die is quite large. Shooting wars would seem to be among the riskiest for those who are in them.
Post a Comment