Crude oil futures rebounded in mid-morning trade in Asia Jan. 24 following a US advisory for its citizens to leave Ukraine, and after oil prices closed lower on Jan. 21, in line with selloffs in the financial markets in view of an impending US rate hike.
At 11:50 am Singapore time (0350 GMT), the ICE March Brent futures contract was up 81 cents/b (0.92%) from the previous close at $88.70/b, while the NYMEX March light sweet crude contract rose 71 cents/b (0.83%) at $85.85/b. The US Department of State on Jan. 24 has authorized government employees and ordered family members of its embassy staff in Ukraine to leave the country citing rising tension. “There’s an obvious fear premium in the [crude] complex especially on account of the latest escalation of tensions between the US and Russia, on […]