Crude prices were seen trading slightly higher on Monday on concern over the ongoing crises in Ukraine which may weigh on crude supplies from Russia, the world’s biggest energy exporter.
Futures for the North American West Texas Intermediate crude (WTI) for June delivery traded 0.13% higher to $100.12 a barrel on the New York Mercantile Exchange at the time of writing.
While the European benchmark Brent crude for June settlement added 0.39% to $108.32 per barrel on the ICE Futures Europe exchange at the time of writing.
Crude – Ukraine
Tensions in the city of Slavyansk continue to escalate over the weekend as voters in Ukraine’s Dontesk and Luhansk regions supported Sunday’s referendum to split from the country by 90% voters against 10%, RIA Novosti reported. Leaders in the US, Ukraine and the European Union condemned the referendum and said it was illegal as Ukraine plans to hold presidential elections on May 25.
Foreign Ministers from the European Union are expected to meet in Brussels to discuss adding further sanctions against Russia, the world’s largest oil producer.
On Monday, Saudi Arabia’s Minister of Petroleum and Mineral Resources Al-Naimi said that the Organization of Petroleum Exporting Countries (OPEC) is ready to face any shortage in oil supplies if the ongoing tension in Ukraine affects the oil exports from Russia.
On Friday, Futures for WTI dropped 0.24% lower to $100.02 on a stronger greenback which was at its highest in a month against the 17-block euro currency after the European Central Bank hinted it could ease its monetary policy by next month.
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