Brent Oil Above $107 Amid Crisis Speculation

Brent and West Texas Intermediate fell for a second day amid speculation that the crisis over the downing of a Malaysian Air jet will have no impact on supplies from Russia, the world’s largest energy exporter.

Brent futures dropped as much as 0.3 percent in London, extending a 0.6 percent loss on July 18. President Vladimir Putin faces pressure to respond after U.S. Secretary of State John Kerry said there’s “extraordinary circumstantial evidence” that Russia provided the missile that Ukrainian rebels used to bring down Flight 17.

“We don’t expect really that the European Union or the international community to go so far that we’re going to see a disruption in energy supply,” Dominic Schnider, the Singapore-based head of commodities research at UBS AG’s wealth management unit, said in an interview on Bloomberg television today.

Bloomberg

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