Oil retreats from 7-year high as Russia says it withdraws some troops

Brent crude fell US$3.20, or 3.3%, to settle at $93.28 a barrel. U.S. West Texas Intermediate (WTI) crude fell $3.39, or 3.6%, to end at $92.07 a barrel.

NEW YORK: Oil tumbled over 3% on Tuesday, retreating from a seven-year high after Russia said some of its military units were returning to their bases following exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.

It was not clear how many units were being withdrawn, and by what distance, after a build-up of an estimated 130,000 Russian troops. An earlier Interfax report on the troop movements had prompted oil to extend losses.