Published on March 21, 2014
Oil prices in Asia were mixed on the back of rising tensions over Crimea and because investors are eagerly awaiting the outcome of a Federal Reserve monetary policy meeting. The US central bank is likely to reduce it stimulus program as the American economy is recovering gradually.
New York’s main contract, West Texas Intermediate for April delivery, was at $97.8. Brent North Sea crude climbed up to $06.3 for its May contract.
Russian President Vladimir Putin signed a decree recognising Crimea as an independent state. US-led Western powers have imposed sanctions on Russia, but this hasn’t deterred the Russian President from pursuing his goal of annexing Crimea. Nearly 70 per cent of gas and oil exports from Russia to Europe pass through Ukraine, which has worried investors as sanctions against Russia could affect supplies from the country.
