Crude oil prices increased today, supported by supply worries as Russia vowed to respond if its Ukrainian interests were attacked. However, further gains were restricted by the rise in US crude inventory.
Brent futures remained untouched today, trading above $109 a barrel after Chinese data showed a downturn in manufacturing activities. However, any losses were kept in check by the ongoing Ukraine crisis.
Brent futures were steady today, trading near a six-week high of more than $110 a barrel amid uncertainties over a deal that was signed to avert the conflict in Ukraine. However, prices were weighed by the forecast of a gain in US crude stockpiles.
Brent futures steadied today as investors were encouraged by the news of easing geopolitical risk over the crisis in Ukraine, accompanied by weaker oil demand from the US, the world’s largest oil consumer.
Oil prices plunged today after Russian President Vladimir Putin recalled the troops that have occupied much of Ukraine’s autonomous Crimea region during the weekend. However, there was reportedly no movement of forces from the area.
Brent value dropped towards $109 a barrel today over revived demand fears from the US, fuelled by weaker-than-expected economic data. However, further losses were curbed with support from the cold spell that pushed up consumption of heating fuels.
Brent futures were steady above $107 a barrel today, as the US distillate stockpile plunged three-and-a-half times more than expected, boosting demand for heating oil and helping crude benchmark to its highest level in seven weeks.