Crude gains as Ukraine crisis heats up anew
Published Apr 08, 2014 02:34PM ET
Ukraine crisis brews, sends oil prices gaining
Investing.com - Crude futures shot up on Tuesday on fears the Russian standoff in Ukraine may escalate, which could disrupt supply from oil-rich Russia.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $102.30 a barrel during U.S. trading, up 1.85%. New York-traded oil futures hit a session low of $100.67 a barrel and a high of $102.49 a barrel.
The May contract settled down 0.69% at $100.44 a barrel on Monday.
Nymex oil futures were likely to find support at $99.95 a barrel, Monday's low, and resistance at $102.89 a barrel, the high from March 7.
Oil prices firmed after pro-Russian activists in Ukraine’s industrial center of Donetsk declared their independence from Kiev, a move Ukrainian leaders described as part of a Russian-orchestrated plan to justify an invasion.
U.S. Secretary of State John Kerry said earlier that Russian agents were encouraging unrest in eastern Ukraine and said Moscow was preparing military action in the region.
Capping gains, however, were expectations for Libyan crude exports to normalize.
Libyan government officials and rebels reached an agreement over the weekend to re-open Zueitina and Hariga ports, which normally export a combined total of 200,000 barrels a day, mostly to Europe.
The news sent oil prices falling, as the end to the standoff will increase global supply.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery were up 1.74%, trading at US$107.67 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$5.37 a barrel.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.