Selling pressure can be observed on the oil markets on Tuesday, with both Brent and WTI futures losing more than 4% as news that part of the Russian troops started leaving Ukraine’s border and Putin's comments pointing to a de-escalation prompted some profit-taking after a recent rally. On the other hand, some reports emerge of shelling in the Luhansk/Donetsk region. Currently top US and Russian diplomats Blinken and Lavrov are speaking over the phone. The outcome of this conversation could trigger volatility in the markets again.
OIL.WTI price pulled back from recent highs at $96.00 and is currently approaching local support zone around $90.30 which is marked with upper limit of the 1:1 structure and upward trendline. Should break lower occur, next target for sellers is located around $88.00 and coincides with 23.6% Fibonacci retracement of the last upward wave. Source: xStation5
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