Monday, April 14, 2014

Crude Oil "The Heat" as Conflict Ukraine

NEW YORK - Brent crude and West Texas Intermediate ( WTI ) rose to a five-week , due to rising tensions between Ukraine and Russia, the world's largest energy exporter . Brent premium to WTI widened for the first time in the last seven days .

WTI rose 1.6 per cent in London and 0.3 percent in New York . Russia called for an emergency meeting of the UN Security Council after security forces clashed with armed groups in the Ukrainian pro - Russian eastern city Slovyansk .

European officials are considering expanding sanctions against Russia over Ukraine , where they say the government in Moscow separatist unrest triggered by the same method used to destabilize and annex the Crimea .

" The situation in Ukraine deteriorated significantly over the weekend , which explains the increase in Brent . Increasing unrest boost trade at this level , " said the director of the futures division at Mizuho Securities USA Inc. , Bob Yawger , as quoted by Bloomberg , on Tuesday ( 04/15/2014 ) .
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Brent for May delivery rose $ 1 , 74 to USD109 , 07 per barrel on the London -based ICE Futures Europe . It was the highest close since March 4 . The volume of all futures traded is 27 percent higher than the average of 100 trading days .

While WTI futures for May delivery rose 31 cents to USD104 , 05 per barrel on the New York Mercantile Exchange . It was the highest close since March 3 . The trading volume occurs is 18 percent above the average of 100 trading days .

The output of the Organization of Petroleum Exporting Countries ( OPEC ) fell in March , for the fifth time in seven months . Saudi Arabia has reserves of crude oil production capacity of 2.75 million barrels per day .


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