Oil price falls from 7-year high as Russia tensions offset Fed tightening

Global benchmark Brent fell 62 cents to settle at US$89.34 a barrel, while U.S. crude closed 74 cents lower at $86.61 a barrel in a volatile session with both contracts see-sawing between positive and negative territory.Prices had surged on Wednesday, with Brent climbing above $90 a barrel for the first time in seven years amid tensions between Russia and the West.

NEW YORK:Oil prices fell on Thursday after Brent crude hit a seven-year high above US$90 a barrel, as the market balanced concerns about tight worldwide supply with expectations the U.S. Federal Reserve will soon tighten monetary policy.

Global benchmark Brent fell 62 cents to settle at US$89.34 a barrel, while U.S. crude closed 74 cents lower at $86.61 a barrel in a volatile session with both contracts see-sawing between positive and negative territory.