Oil prices hold steady as Russia-Ukraine tensions cool
Brent traded at $93.90 a barrel by 0722 GMT, up 62 cents, or 0.7%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.
Moscow's Tuesday announcement of a partial pullback in troops from Ukraine's borders was met with scepticism, as U.S. President Joe Biden warned that more than 150,000 Russian troops were still massed near the borders.But beyond the Ukraine tension, the oil market remains tight and prices are still on course for a move towards $100 a barrel, analysts said.
While the Ukraine crisis simmered, the U.S. Labor Department reported producer prices increased by the most in eight months in January, a reminder that high inflation could persist through much of this year.
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