News > Oil drops from 7-year high as Russia says some troops return to base

Oil drops from 7-year high as Russia says some troops return to base

Oil dropped more than 3 per cent from a seven-year high on Tuesday after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.

Brent crude was down $2.87, or 3 per cent, at $93.61 by 1222 GMT. U.S. West Texas Intermediate (WTI) crude dropped $3.49, or 3.7 per cent, to $91.97.