Oil prices hold steady after Russia pulls back some troops near Ukraine

Oil prices steadied on Wednesday after retreating more than 3% in the previous session as investors gauged the impact of easing Russia-Ukraine tension against a taut balance between tight global supplies and recovering fuel demand.

Brent traded at $93.19 a barrel at 0253 GMT, down 10 cents, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.

U.S. West Texas Intermediate (WTI) crude also held steady and last traded at $92.13 at 0247GMT, after the contract ended Tuesday’s session down 3.6%.

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