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Brent crude oil slid below $108 as the tension in Ukraine eased and investors began to worry once again about waning global demand.
The commodity traded at $107.97 at 7:19 GMT on Thursday morning as investors waited for Friday's US jobs data for a clearer picture of the number one oil consuming nation's economy.
Over the past two days, Brent has seen a heavy sell off as the situation in Ukraine calms. On Monday, prices spiked after Russian President Vladimir Putin declared his right to use military force in order to protect Russian citizens living in Ukraine. Many worried that Putin's mobilization of troops would lead to armed conflict in the region; however the risk of violence has largely been relieved.
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Posted In: NewsCommoditiesForexGlobalPre-Market OutlookMarketsEnergy Information AdministrationVladimir Putin
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