Brent Trades Near Seven-Week High on Ukraine Tension; WTI Steady - Bloomberg:
"Brent crude traded near a seven-week high amid speculation that escalating tension between the U.S. and Russia over Ukraine may disrupt energy supplies to Europe. West Texas Intermediate in New York was steady.
Futures were little changed in London after rising 0.4 percent yesterday. Russia and the U.S. traded blame for failing to rein in extremists in Ukraine as a diplomatic accord, reached last week in an attempt to ease the crisis, neared collapse. An Energy Information Administration report tomorrow will probably show U.S. crude stockpiles expanded for the 13th time in 14 weeks, according to a Bloomberg News survey of analysts.
“There is some support for the market arising from the situation in Ukraine,” Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone today. “While that isn’t translating into significant buying, it’s likely to be preventing much active selling.”"
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