Crude oil futures were higher in mid-morning Asian trade on Feb. 24 as the market weighed the supply implications of targeted western sanctions against Russia and after President Vladimir Putin offered Ukraine’s breakaway regions, Donetsk and Luhansk, state and military support in their conflict with Kyiv.
At 10:14 am Singapore time (0214 GMT), the ICE April Brent futures contract was up 99 cents/b (1%) from the previous close at $97.83/b, while the NYMEX April light sweet crude contract rose $1.10/b (1.19%) at $93.19/b. “Oil traders are vigilant about a potential escalation in the conflicts that may lead to restrictions on Russia’s oil exports, adding supply constraints in an already tight market,” IG DailyFX strategist Margaret Yang said. “If the Ukraine crisis deepens further, it may spiral into an energy crisis and push oil and gas prices higher,” she […]