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NYMEX crude oil prices retain gains in early Asia on geopolitical focus

Published 09/11/2014, 07:27 PM
Updated 09/11/2014, 07:29 PM
NYMEX crude prices up in Asia

Investing.com - Crude oil prices retained gains into Asia on Friday as geopolitical tensions again become a focus.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded at $93.02 a barrel, up 0.20%, after hitting an overnight session low of $90.46 a barrel and a high of $92.98 a barrel.

Brent oil settled up 4 cents at $98.08 a barrel on ICE Futures Europe Thursday.

Overnight, oil prices shot after the U.S. said it would join its European allies and slapped fresh sanctions on Russia on accusation of meddling in the Ukraine conflict.

U.S. President Barack Obama said earlier Washington will join the European Union and slap fresh sanctions on Russia, accusing it of meddling in neighbor Ukraine's internal conflict.

Sanctions will target Russia’s financial, energy, and defense sectors and will take effect on Friday, when further details will be released.

The move, which stoked fears of conflict-related supply disruptions from Russia if the move ends a ceasefire, offset bearish data.

Earlier Thursday, the International Energy Agency lowered its forecast for oil demand growth this year for the third month in a row, calling the recent slowdown in demand “nothing short of remarkable.”

The agency said it expects global oil demand to grow by 900,000 barrels a day in 2014, a decrease of 65,000 barrels a day compared with last month’s forecast and down by 300,000 barrels a day since July.

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