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NYMEX crude prices slip in Asia with focus on Russia-Ukraine tensions

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Investing.com -

Investing.com - Crude oil prices eased in Asia on Monday after gains last week after Ukraine said it destroyed armored vehicles that had been seen entering the country from Russia on Friday.

At the weekend. Germany's top diplomat on Sunday brought together his Russian, Ukrainian and French counterparts "to attempt to make steps toward making a cease-fire possible" in eastern Ukraine, although the minister damped hopes of a breakthrough from the meeting at a Berlin lakeside retreat.

Discussions will focus on ending the violence in Ukraine, Steinmeier said, rather than debating Moscow's plan to send what it says is humanitarian aid to the rebel-held territories in the region.

On the New York Mercantile Exchange, crude oil for delivery in September traded at $94.84 a barrel, down 0.50%, after it surged 1.85%, or $1.77, to end the week at $97.35 a barrel by close of trade on Friday.

On the ICE Futures Exchange in London, Brent oil for October delivery jumped 1.43%, or $1.46, to settle at $103.53 a barrel by close of trade on Friday.

Oil prices regained strength last week after Ukraine said its forces had attacked and partly destroyed a Russian armored convoy that entered Ukrainian territory overnight.

Separately, NATO's secretary-general said the organization observed a Russian "incursion" into Ukraine on Thursday night, which was denied by Moscow.

Russia is one of the world's top producers and exporters of oil and gas.

In the week ahead, investors will be anticipating an annual meeting of top central bank officials and economists in Jackson Hole, Wyoming from August 21 to 23.

The spotlight will be on Fed Chair Janet Yellen, who will speak on Friday in her first appearance at Jackson Hole as head of the U.S. central bank.

Market watchers will also pay close attention to the minutes of the Fed's July policy meeting due to be published on Wednesday for further clues about the timing of future interest rate hikes.

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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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