Investing.com - Crude futures rose on Tuesday amid sentiments
that the Russian standoff over Ukraine won't seriously ease anytime
soon, while expectations that sanctions slapped on Iran for its
nuclear ambitions won't be lifted in the near future also pressured
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in June traded at $101.38 a barrel during
U.S. trading, up 0.54%. New York-traded oil futures hit a session
low of $100.82 a barrel and a high of $102.20 a barrel.
The June contract settled up 0.24% at $100.85 a barrel on
Nymex oil futures were likely to find support at $100.35 a
barrel, Monday's low, and resistance at $102.35 a barrel,
Pro-Russian separatists stormed regional government offices in
Ukraine's eastern city of Luhansk on Tuesday, which pressured
higher on fears Russian energy exports may be affected as the
crisis drags on.
Russia is the world's second largest oil exporter after Saudi
Elsewhere, the U.S. earlier said Chinese and Middle Eastern
companies were helping Iran sidestep weapons and oil sanctions,
which left investors concluding that sanctions slapped on Tehran
won't be lifted anytime soon.
Capping gains, however, were anticipations for increased exports
Libyan government officials and rebels reached an agreement to
re-open oil ports earlier this month, and expectations for crude to
begin flowing sent investors bracing for increased global
Lackluster U.S. data kept oil prices from taking off as
The Conference Board, a market research group, said its consumer
confidence index declined to 82.3 in April from a 83.9 in March,
whose figure was revised up from a previously reported 82.3.
Analysts had expected the index to inch down to 83.0 in
The Present Situation Index decreased to 78.3 from 82.5, while
the Expectations Index was virtually unchanged at 84.9 versus 84.8
"Consumer confidence declined slightly in April, as consumers
assessed current business and labor market conditions less
favorably than in March," Lynn Franco, Director of Economic
Indicators at The Conference Board, said in a statement.
"However, their expectations regarding the short-term outlook
for the economy and labor market held steady. Thus, while sentiment
regarding current conditions may have slipped a bit, consumers do
not foresee the economy, or the labor market, losing the momentum
that has been building up over the past several months."
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for June delivery were up 0.81%, trading at US$109.00 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at US$7.62 a barrel.
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