Brent crude oil fell on Thursday, pressured by volatility in Ukraine that curbed risk appetite and fueled fears that it would slow growth in Europe and lessen oil demand.
U.S. oil futures also fell, but losses were capped by data showing the fourth straight weekly decline in oil stocks at Cushing, Oklahoma, the benchmark delivery point for the U.S. oil futures contract. Draws from Cushing oil stocks helped narrow U.S. oil’s discount to Brent to nearly $6 per barrel, the tightest since Oct. 7.
Most equities markets around the world edged lower as traders remained suspicious of Russia’s comments on Thursday that it will work with the West on resolving the crisis in Ukraine, while tensions in Crimea near the Russian border worsened.
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