Oil retreated from the highest since 2014 after Russia said some troops are starting to return to their permanent bases after completing drills.
Brent futures fell as much as 3.5% while prices in New York also declined. Crude has swung wildly this week amid a flurry of reports about the tensions over Ukraine. While the United States had earlier warned an invasion may be imminent, Russian Foreign Minister Sergei Lavrov said on Tuesday that diplomatic efforts would succeed in easing the situation. Moscow has repeatedly denied it plans to attack.
