Investing.com - Crude oil futures swung between small gains and
losses on Monday, as traders awaited new developments from Ukraine
and the Middle East.
On the New York Mercantile Exchange, crude oil for delivery in
September eased up 0.07%, or 7 cents, to trade at $102.02 a barrel
during U.S. morning hours.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for
September delivery tacked on 0.01%, or 1 cent, to trade at $107.25
Meanwhile the spread between the Brent and the WTI crude
contracts stood at $5.23 a barrel.
Investors remained cautious following the shooting down of a
Malaysian airliner in eastern Ukraine late last week, with the U.S.
blaming pro-Russian separatists for the act.
U.S. Secretary of State John Kerry said Sunday that there was
overwhelming evidence of Russian complicity in the downing of the
airliner. Russia and Ukraine still accuse each other of being
behind the downed passenger plane.
Western leaders from the U.K., France and Germany have warned
Russian President Vladimir Putin of increased sanctions by Tuesday
if international investigators are not allowed full access to the
Russia is one of the world's top producers and exporters of oil
Meanwhile, the conflict in Gaza also remained in focus.
The Palestinian Health Ministry said Monday that the Palestinian
death toll in the two-week-old Israeli offensive rose by more than
80 during the night and now exceeds 500.
Despite heavy casualties, Israeli Prime Minister Benjamin
Netanyahu warned on Sunday that military operations against Hamas
militants could be expanded.
Market participants are worried that a flare up in the conflict
could draw in neighboring countries and affect oil supplies.
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