Oil Caught Between Ukraine and Libya

Crude oil prices rose in early Monday trading amid tensions in Ukraine, but fell again after Libyan protesters ended their occupation of an oil port.

The price of Brent crude futures briefly rose above $108 a barrel, but later fell back to $107.30.

Libya’s state oil firm said the port of Zawiya and its refinery had reopened and were operating normally.

But pro-Russian militants are still occupying buildings in eastern Ukraine, ignoring a deadline to leave by Kiev.

EU foreign ministers are meeting to discuss new sanctions against Russia.

Brent crude oil was trading at $107.74 a barrel at 12:30 BST, up 41 cents or 0.4%, while West Texas Intermediate crude was trading little moved at $103.62.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza