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Crude erases gains in choppy trade on Ukraine uncertainty

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Investing.com -

Investing.com - Crude futures rose earlier as the Russian-Ukraine impasse over dragged on, though sentiments that U.S. and Russian policymakers wish to find a diplomatic way out of the crisis erased earlier gains.

On the New York Mercantile Exchange, West Texas Intermediate crude Oil for delivery in May traded at $101.52 a barrel during U.S. trading, down 0.15%. New York-traded oil futures hit a session low of $100.90 a barrel and a high of $101.96 a barrel.

The May contract settled up 0.39% at $101.67 a barrel on Thursday.

Nymex oil futures were likely to find support at $99.82 a barrel, Tuesday's low, and resistance at $102.23 a barrel, Friday's high.

U.S. Secretary of State John Kerry and his Russian counterpart, Foreign Minister Sergei Lavrov, met over the weekend to diffuse the crisis, which has bolstered oil on concerns the conflict will escalate and threaten supply from crude-rich Russia.

While the impasse drags on, both policymakers said during weekend talks that they would continue to meet to until they strike a deal acceptable to all parties involved, which allowed for profit taking in choppy trading.

Prices have shot up in recent sessions after Russia sent troops along the Ukrainian border and annexed Crimea.

Soft U.S. data weakened crude price as well.

The Chicago purchasing managers' index fell 55.9 from 59.8 in February. Analysts had expected the index to tick down to 59.0.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery were down 0.39%, trading at US$107.65 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.13 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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