Investing.com - Crude futures rose on Thursday after tensions
between Russia and Ukraine heated up, with Moscow threatening
action if Kiev continues to crackdown on separatists.
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in June traded at $101.94 a barrel during
U.S. trading, up 0.49%. New York-traded oil futures hit a session
low of $101.43 a barrel and a high of $102.35 a barrel.
The June contract settled down 0.30% at $101.44 a barrel on
Nymex oil futures were likely to find support at $101.20 a
barrel, Wednesday's low, and resistance at $104.97 a barrel, the
high from April 15.
Ukraine military forces killed five separatists earlier, while
Russian President Vladimir Putin warned Kiev against stepping up
its offensive against the rebels.
Concerns that the West may impose new sanctions against Russia
stoked fears over possible supply disruptions. Russia is the
world's second largest oil exporter after Saudi Arabia.
Meanwhile in the U.S., positive data sent prices gaining as
The Commerce Department reported earlier that U.S. orders for
durable goods rose 2.6% in March, beating expectations for a 2%
Core durable goods orders, which exclude volatile transportation
items, rose 2% last month, far outpacing forecasts for a 0.6%
Separately, the Labor Department said the number of individuals
who filed for unemployment assistance in the U.S. in the week
ending April 19 rose by 24,000 to 329,000. Analysts had expected an
increase of 5,000.
Despite the increase, underlying trends still point to recovery
in the labor market, giving investors room to shrug off the data
and stick with oil under the assumption the U.S. economy is on the
mend and will demand more fuel and energy going forward.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for June delivery were up 1.21%, trading at US$110.43 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at US$8.49 a barrel.
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