Brent Crude Rises With WTI as Tension Escalates in East Ukraine - Bloomberg

Brent Crude Rises With WTI as Tension Escalates in East Ukraine - Bloomberg:



"Brent crude advanced for the first time in three days and West Texas Intermediate extended gains as tension escalated between Ukraine and Russia, fanning concern that energy supplies in Europe may be disrupted.



Futures rose as much as 0.7 percent in London. Russia called for an emergency meeting of the United Nations Security Council after Ukrainian security forces clashed with pro-Russian gunmen in the eastern town of Slovyansk. Libya’s prime minister resigned while the nation, a member of the Organization of Petroleum Exporting Countries, sought to restore oil shipments.



“The major contributor to the firm tone we’re seeing in the market is further concerns about Ukraine,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney who predicts investors may sell contracts if Brent climbs to $109.50 a barrel. “Tensions are ramping up again. There’s still a bit of upside from a technical point of view before we hit significant resistance.”"



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