Oil eases on profit-taking, Russia-Ukraine conflict remains key focus

TOKYO (Reuters) – Oil prices eased on Tuesday as investors scooped up profits from the previous day’s rally to seven-year highs and as global stock markets slumped, although lingering concerns that Russia might invade Ukraine and disrupt energy supplies limited losses.

Brent crude futures were at $95.60 a barrel by 0747 GMT, down 88 cents, or 0.9%, after rising $2.04 on Monday.

U.S. West Texas Intermediate (WTI) crude dropped 92 cents, or 1.0%, to $94.54 a barrel, after gaining $2.36 the previous day.

Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.

Russia is one of the world’s largest oil and gas producers, and fears that it could invade Ukraine have driven a rally in oil towards $100 per barrel, a level not seen since 2014.