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US oil prices fell slightly under $ 100 per barrel on Tuesday but losses proved brief because investors tried to understand the latest diplomatic developments in the war in Ukraine.
Sellloff started after Russia showed it would have been tanned the attack in the section of Ukraine, reducing fear of energy supply.
After peace talks between Russia and Ukraine on Tuesday, Russia said it would “reduce drastically” her military attacks in the cities of Ukraine in Kyiv and Chernihiv.
US oil fell by 7% to a low of $ 98.44 per barrel on Tuesday morning. Brent, world benchmark, dropped to as low as $ 104.84 per barrel, a decrease of almost 7%.
However, at the end of the US oil day fell by only 2%, settled $ 110.23 per barrel. Brent fell 1.6% to $ 104.24 per barrel.
Rebound from the lowest position that day reflects uncertainty over the next steps in the war and skeptics that Russia will back up his words with action.
People come to their common sense,” said Robert Yawger, Vice President of Energy futures in Mizuho Securities. “There is this awareness yet over. It’s far from above.”
The US Defense Department warned Tuesday afternoon that while “a small number” of Russian troops had moved from Kyiv, Russia could still cause “massive brutality” in the city.
We believe that this is a reposition, not a real withdrawal,” said the Pentagon Press Secretary John Kirby at the press briefing.
