Crude prices were seen trading flat on Monday, with the North American West Texas Intermediate (WTI) steady and the European Brent crude falling for a second day as traders’ worry that tension between Ukraine and Russia may escalate.
The West Texas Intermediate for May delivery slid by 21 cents to $104.09 a barrel on the New York Mercantile Exchange. While the European benchmark Brent crude lost 64 cents to $108.89 a barrel on the London-based ICE Futures exchange.
Russia
The US and the European Union continue to warn Russia with further economic sanctions against Russia after the country’s shootouts in the eastern region of Ukraine over the weekend.
According to the Interior Ministry, the deadly shootout that occurred over the weekend in eastern Ukraine left at least three people dead.
However, officials from Russia, Ukraine, the US and the European Union met in Geneva on April 17 to discuss easing tensions between the countries and called for the illegal groups in Ukraine to disarm and return seized buildings to the owners and evacuate the occupied public placed.
Crude – Keystone Pipeline
Meanwhile the President Barack Obama’s administration said it will delay the ruling on the Keystone XL pipeline that brings the Canadian crude south to the US.
On Friday, the State Department said it would delay its decision until questions’ regarding the pipeline’s northern through Nebraska are answered. The pipeline’s southern route of the project began to move crude to the Texas Gulf Coast from Cushing in January.
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