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Crude oil futures end deeply in red amid de-escalation of tensions between Russia, Ukraine

16 Feb 2022 Evaluate

Crude oil futures ended deeply in red on Tuesday as worries about supply disruptions eased amid the de-escalation of tensions between Russia and Ukraine. 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.

Benchmark crude oil futures for March delivery dropped $3.39 or 3.6 percent to settle at $92.07 a barrel on the New York Mercantile Exchange. Brent crude for April delivery fell $3.31 or3.47 percent to settle at $93.17 a barrel on London's Intercontinental Exchange.