Oil prices fell on Wednesday, retreating from seven-year highs hit the previous day as it became clear that the first wave of U.S. and European sanctions on Russia were unlikely to disrupt oil supplies.
Prices jumped on Tuesday on worries that Western sanctions on Russia for sending troops into two breakaway regions in eastern Ukraine could hit energy supplies. “The prospect of more conflict in Ukraine should safeguard the geopolitical risk premium,” said Stephen Brennock at brokerage PVM Oil.
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