Today oil prices slipped down from their highest level in seven years to around $94/barrel, after being pressured by data reports that some troops in the Russian state military district adjacent to Ukraine have returned to base.

A move that might reduce tensions between the Moscow region and the West. In addition, the price of oil also has an analysis for the technical RSI status is overbought.

This is another factor besides the easing of tensions in the Russia-Ukraine geopolitical conflict that has made oil prices continue to fall.

However, it is still profitable because the price of oil today could fall even more. However, it is still being supported to stay around the $94 price area by improving some sentiments from the market.

It also increases investor interest in high-risk asset flows. The Russian Ministry of Defense has said that for the time being large-scale drills in all corners of the country are continuing.

However, some units in the South and West military districts have completed some of their training processes and are starting to return to their home bases.

Oil Prices Could Fall More Sharply

Liz Truss had said on Tuesday that a planned Russian invasion of Ukraine was still very likely, even though Prime Minister Boris Johnson and US President Joe Biden had agreed in an important call for diplomacy.

All investors are also watching developments over talks between the United States and Iran about reviving Tehran's nuclear deal with powers around the world. Where this has the potential to allow the process of higher oil exports from Iran.

Russian Foreign Minister Sergei Lavrov spoke with his regional Iranian counterpart Hossein Amirabdollahian on Monday, and they noted the deal was a "real step forward" in reviving the nuclear deal for Iran.

In another development, the latest weekly report on US inventories was expected to show some decline in crude stockpiles, underscoring the tight supply and demand balance.

With the price of oil falling, it doesn't make investors wary. The reason is, during the heating up of geopolitical conflict tensions, the price of oil shot up sharply. So, they think this is a normal correction thing.

But oil losses on the day we're still limited by escalating Russia-Ukraine tensions, which peaked on Thursday over reports of shootings in Eastern Ukraine not necessarily linked to the conflict between the two sides, those familiar with it said.

Oil Weakness Limits Tensions Rise in Ukraine

Away from the point of contention on the Ukrainian border, Russia continues to engage in verbal warfare with the United States and Ukraine's Western allies, which it accuses of aggravating the conflict.

Washington and its NATO partners, meanwhile, accuse Moscow of just waiting for the right moment to attack Ukraine and creating all kinds of pretexts to achieve that.

There are so many unknowns in the Russia-Ukraine showdown that any trade may not outlast the next headline, said John Kilduff, partner at New York energy hedge fund Again Capital.

Given these extremely challenging circumstances and volatility, traders have chosen to keep the risk limited to oil — namely the $90 support — while focusing on the 'now' in trade, which is a possible Iran deal.

New York-traded West Texas Intermediate, the benchmark for US crude, fell $1.90, or 2%, to $91.76. London-traded Brent, the global benchmark for oil, fell $1.84, or 1.9%, to $92.97.

Reuters, reporting on the draft it obtained on a tentative Iran deal, said there would be various phases to bringing Tehran back into compliance with the 2015 nuclear deal with world powers.

He also said some $7 billion of Iranian funds held in South Korean banks under US sanctions could be disbursed first, before the sanctions themselves are removed, allowing Iran to freely trade its oil but with continued oversight of its nuclear capabilities.