Oil Remains Steady

Oil prices were mixed in Asian trade today as investors cautiously watch events in Ukraine, with western powers threatening sanctions against Russia for its military intervention in the region.

The US said it has suspended defence cooperation with Russia and the UN Security Council began a meeting on the crisis. US benchmark West Texas Intermediate (WTI) for April delivery, eased 13 cents to US $ 104.79 in mid-morning trade on profit-taking as after hitting its highest levels this ye ..

Brent North Sea crude for April climbed two cents to US $ 111.22.  Producing more than 10 million barrels a day in January, Russia vies with Saudi Arabia as the world’s largest crude oil producer, and is the second-largest producer of natural gas. More than 70 per cent of its gas and oil exports to Europe pass through Ukraine.

Economic Times

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