WTI, Brent Oil Fall as Supply Concerns Over Ukraine ‘Overblown’ - Bloomberg:
"West Texas Intermediate and Brent crude fell for the first time in three days amid speculation supply concerns because of tension between Russia and Ukraine may be exaggerated.
Futures dropped as much as 1 percent in New York, declining from the highest price since September. Russian President Vladimir Putin ordered troops back to bases from military tests in the Leningrad region, Interfax newswire reported, citing Kremlin spokesman Dmitry Peskov. Investor fears of a supply disruption are misplaced, according to Societe Generale SA. WTI’s rally was unsustainable, a technical indicator shows.
“What’s happening in Russia was hyped up, a bit overblown,” Soeren Bo Duvier Nielsen, a senior energy sales manager at Nordea Markets in Singapore, said by phone. “We still need to see if this news about the military exercise is news or just some garbage people are reacting to.”"
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