Brent Oil Steadies Below $110 after Rise

Brent crude rose close to $110 a barrel on Wednesday due to mounting tensions in Ukraine, while prices for U.S. oil fell after a report showed a huge build in stockpiles in the world’s largest oil consumer.

Ukrainian government forces and separatist pro-Russian militia staged rival shows of force in eastern Ukraine amid escalating rhetoric on the eve of crucial talks on the former Soviet state’s future. Brent has been buoyed by the tensions between Kiev and pro-Russian separatists in the east of the country.

Meanwhile, growing oil stockpiles in the United States have pulled benchmark prices there lower, as production hit the highest level in more than a quarter of a century, and imports continued to rise.

CNBC

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