Crude oil is up and hovering around the $110 mark, still gaining support from the crisis in Ukraine. Brent crude for June delivery was up 40 cents at $109.98 on ICE Futures Europe, while WTI crude for June delivery was up 74 cents at $101.34 on the New York Mercantile Exchange. An escalation of the situation between Russia and Ukraine could lead to a leap in global energy prices, said David Hufton at oil brokerage PVM. “Were Russia to send troops into the Ukraine under the pretext of a peace-keeping role to protect its citizens a red line will have been crossed that not even very cautious European leaders could ignore,” he said. “If the situation escalates it threatens to undermine the euro zone’s recovery and deliver a global energy price spike.” The risk premium is being capped by plentiful oil supplies. Libya’s gradual return will add to those […]