NEW YORK, March 4 (Reuters) - Crude oil fell nearly 2 percent on Tuesday on comments from President Vladimir Putin that eased concerns Russia would escalate its military intervention in Ukraine's Crimea peninsula.
Putin told reporters Russia reserved the "right" to intervene in the Ukraine crisis, but would only use force as a "last resort."
Coupled with news that Russian troops engaged in military exercises near the Ukraine border were ordered to return to their bases, oil prices slid from the five-month highs it reached Monday.
"The receding fears of a disruption of the Russian crude oil supply and the easing geopolitical concerns are weighing on crude," said Dwayne Pliska, senior trading consultant for HighGround trading in Chicago, Illinois.
April Brent crude settled $1.90 lower at $109.30 a barrel, after it ended the previous session at its highest close this year.
U.S. crude for April delivery settled $1.59 lower at $103.33, after rising to $105.22 on Monday, the highest level since Sept. 19.
Oil products prices retreated in tandem with U.S. crude. New York ultra-low sulfur diesel futures, often called heating oil, fell nearly 4 cents to $3.0407 per gallon, after it settled more than 6 cents higher at $3.0805 in the previous session.
View Full Article
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you