Oil Prices Drop From Multi-Year Highs.
London, Tuesday, 15 February 2022 -
WTI futures fell more than 5% to below $91 a barrel on Tuesday, putting pressure on oil markets.
Following a recent rise that saw the US benchmark touch its highest level in over seven years, news that some Russian military units had begun leaving Ukraine's border sparked some profit-taking.
While large-scale drills across the country continue, several units from the Southern and Western military districts have completed their exercises and are returning to their bases, according to Russian foreign ministers.
Putting a floor under prices was a hint that OPEC and its allies were struggling to reach output targets despite promising to increase output by 400,000 barrels per day until March.
The IEA reported last week that OPEC+'s output gap from its objective extended to 900,000 bpd in January. Meanwhile, investors continued to keep a tight eye on US-Iran discussions, as a potential deal could free nearly 1.3 million barrels of supply.
(Research and edit by: The Decision Maker)