Brent Oil Near $110 on Ukraine Supply Disruption Risks

Brent crude held above $110 a barrel on Thursday near the highest in nearly three weeks as on-going concerns over the crisis in Ukraine outweighed mixed U.S. oil inventory data.

The exclusion of pro-Moscow separatists from talks among Ukraine’s interim leaders on plans to give the eastern regions greater autonomy ahead of presidential elections on May 25 cast doubt over whether the move could defuse the political crisis.

Energy ministers from Russia and the European Union are also due to meet in Berlin on May 19 to agree a schedule for another round of talks with Ukraine to end a dispute over gas prices and supplies and avoid a potential “gas war”. Russia also said it is ready to discuss gas supplies to Ukraine if it pays part of its $4 billion gas debt.

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