Shutterstock photo
Markets

Crude jumps up on reports of escalating Russia-Ukraine tensions

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - Oil prices spiked on Friday on news of escalating tensions in Ukraine, which offset a mixed bag of data out of the U.S.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded up 1.43% at $96.95 a barrel during U.S. trading. New York-traded oil futures hit a session low of $95.33 a barrel and a high of $97.16 a barrel.

The September contract settled down 2.06% at $95.58 a barrel on Thursday.

Nymex oil futures were likely to find support at $95.26 a barrel, Thursday's low, and resistance at $98.58 a barrel, Monday's high.

News that Ukrainian troops destroyed a portion of a Russian column of armored vehicles inside Ukraine sent oil prices spiking on fears the conflict will escalate and disrupt crude shipments out of Russia.

Geopolitical events in Eastern Europe offset otherwise bearish data out of the U.S.

The preliminary Thomson Reuters/University of Michigan consumer sentiment index ticked down to a nine-month low of 79.2 in August from 81.8 in July. Analysts had expected the index to rise to 82.5 this month.

Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.69 this month from 25.60 in July, worse than expectations for a decline to 20.0.

Data also showed that U.S. producer price inflation rose 0.1% on year last month, in line with expectations, after a 0.4% increase in June.

Core producer price inflation, which excludes food, energy and trade, rose 0.2% in July, in line with market projections, and after a 0.2% gain the previous month.

A separate report showed that U.S. industrial production rose 0.4% in July, beating expectations for a 0.3% gain, though oil moved largely on geopolitical events.

Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were up 1.10% and trading at US$103.20 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.25 a barrel.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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.

Other Topics

ForEx