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Crude Oil Loses Steam Before US Supply Data, Ukraine Eyed

Published 04/15/2014, 05:44 AM
Updated 07/09/2023, 06:31 AM

Oil slipped early Monday, following a two-day climb as turmoil took a fine grip over cities in eastern Ukraine amid concerns over China`s economic recovery.

Investors are still concerned that possible sanctions on Russia could further weigh on prices and hurdle the pace of global recovery, as China`s growth data tomorrow may show a weaker-than-expected economy, while government data from world`s largest economy may show crude stockpiles increased 1.5 million barrel last week, according to analysts` median forecast before the report comes out tomorrow.

As of 02:45 a.m. ET, West Texas Intermediate for delivery in May fell 0.35% to $103.38 a barrel. The contract gained 0.48% yesterday rising to $104.55 a barrel, the highest level in almost six weeks.

In London, Brent fell 0.25% to $108.80 a barrel.

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