Oil down as Ukraine jitters ease, US supplies rise

Source: Agencies | March 6, 2014, Thursday |

Online Edition

The price of oil fell nearly 2 percent yesterday as concerns over the crisis in Ukraine eased and US supplies rose for a seventh straight week.

Benchmark US crude for April delivery dropped US$1.88, or 1.8 percent, to close at US$101.45 a barrel on the New York Mercantile Exchange. On Tuesday, oil fell US$1.59 to close at US$103.33.

Brent crude, used to set prices for international varieties of crude, dropped US$1.54 to US$107.76 a barrel on the ICE Futures exchange in London.

Russia and the West sought to find a diplomatic solution to the crisis in Ukraine. Still, the situation remains tense. Both pro-Western and pro-Russia demonstrations continue to flare up in the country and Russian troops are fanned out across Crimea and control most of its strategic facilities.

In the US, the Energy Department's Energy Information Administration said supplies of oil rose by 1.4 million barrels last week. Also, demand for both gasoline and distillate fuels, which include diesel and heating oil — fell over the past four weeks compared with a year ago, the agency said.

In other energy futures trading on Nymex:

— Wholesale gasoline lost 5 cents to US$2.94 per gallon.

— Heating oil fell 5 cents to US$2.99 per gallon.

— Natural gas retreated 14 cents to US$4.52 per 1,000 cubic feet.

Energy

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Oil down as Ukraine jitters ease, US supplies rise

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