By Gina Lee

Investing.com – Oil was down on Wednesday morning in Asia, after retreating more than 3% during the previous session. The tight market, recovering global fuel demand and the possibility of a recession were also factors investors considered.

The price of $93.12 dropped 0.17% by 11:58PM ET (11:58 GMT). They moved down 10 cents after sliding 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, which is yet to be verified by the U.S.  inched down 0.04% to $92.03 steadying after ending Tuesday’s session down 3.6%.

Brent and WTI Futures both reached new highs on Monday. Brent hit $96.78 at 9:28 AM, while WTI was $95.82 at 9:05 PM. Brent futures rose 50% by 2021 and WTI futures increased 60%. This is due to a rebound in global fuel demand.

Russian defense ministry posted footage Tuesday that showed it was withdrawing troops at the Ukraine border after an exercise. This move led to profit-taking by oil while global shares recovered.

Investors say that the Ukraine tension is not the only reason the oil market remains tight. Prices are expected to move toward $100 per barrel.

Jonathan Barratt from Probis Group said that although prices may rise to $90 per barrel based on profit-taking, they could also trend towards $100 because the economy is recovering and there is more demand.

German Chancellor Olaf Scholz, who met with Vladimir Putin for four hours on Tuesday, said that there was still room for diplomacy.

According to Edward Moya, OANDA’s senior market analyst Edward Moya, “Talks between President Putin and German Chancellor Scholz supported market expectations that an imminent Russian invasion seems less likely.”

Meanwhile, Tuesday’s showed a draw of 1.076 million barrels for the week ended Feb. 11. Investing.com’s forecasts had predicted a draw of 1.769million barrels. However, a draw in excess of 2.025million barrels was reported during the prior week.

Investors are now waiting for, which is due late in the afternoon.