Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crude gains as West slaps fresh sanctions on Russia

CommoditiesMar 21, 2014 01:39PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Investing.com - Crude prices firmed on Friday after the West slapped fresh sanctions on Russia for annexing Crimea, which sparked fears escalating geopolitical tensions may threaten Russian oil exports.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May traded at $99.87 a barrel during U.S. trading, up 0.98%. New York-traded oil futures hit a session low of $98.26 a barrel and a high of $100.25 a barrel.

The May contract settled down 0.27% at $98.90 a barrel on Thursday.

Nymex oil futures were likely to find support at $98.10 a barrel, Thursday's low, and resistance at $102.89 a barrel, the high from March 7.

The European Union and the U.S. intensified sanctions against Russian President Vladimir Putin and his allies to pressure his government to defuse the global standoff over Ukraine.

Western nations added new names to their lists of Russians and Ukrainians punished with asset freezes and travel bans.

Russia followed suit with similar sanctions, and while viewed by markets as a tit-for-tat measure, oil prices rose on concerns diplomatic efforts to diffuse the crisis may be unraveling.

Elsewhere, bottom fishing sent oil prices rising as well, mainly after the U.S. dollar cooled its gains.

The dollar posted strong gains this week after Federal Reserve Chair Janet Yellen suggested at a Wednesday press conference that benchmark interest rates could rise six months after the Fed's bond-buying program ends, which is widely seen taking place this fall.

Fed asset purchases, currently set at $55 billion a month, aim to stimulate the economy by suppressing interest rates, weakening the dollar as long as they remain in effect, and Yellen's comments left many expecting benchmark interest rates to begin rising around the first half of 2015.

Profit-taking sent the dollar falling on Friday, which gave oil room to rise.

A weaker greenback often makes oil an attractive buy on dollar-denominated exchanges.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery were up 0.70% and trading at US$107.20 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.33 a barrel.

Crude gains as West slaps fresh sanctions on Russia
 

Related Articles

Crude Oil Edges Higher; WTI Takes Lead on U.S. Demand
Crude Oil Edges Higher; WTI Takes Lead on U.S. Demand By Investing.com - May 23, 2022

By Peter Nurse    Investing.com -- Oil prices slipped slightly Monday on concerns that China will struggle to fully reopen after its prolonged COVID-19 lockdowns, but prices remain...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email