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Global crude oil prices today dropped more than three percent from a seven-year high. The crude prices fell after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.

In intra-day trade, Brent crude was trading around 93 dollars and 50 cents per barrel while WTI crude prices were at 92 dollars and 10 cents per barrel.