Oil Falls Ahead of Ukraine Meeting, US Supply Data

The price of oil fell Tuesday ahead of talks aimed at defusing tensions over Ukraine and the latest report on U.S. oil supplies.

Benchmark U.S. crude for May delivery slid 30 cents to close at $103.75 on the New York Mercantile Exchange. On Monday, the Nymex contract rose 31 cents.

Brent crude, a benchmark used for international varieties of oil, dropped 33 cents to $108.74 on the ICE Futures exchange in London after hitting a six-week high.

Officials from the U.S., Russia, Ukraine and the European Union are set to meet in Geneva on Thursday for negotiations aimed at persuading Russia to back off in Ukraine following its annexation of Crimea.

Failing that, EU leaders could meet as early as next week to decide on tighter sanctions on Russia, a major producer of oil and gas that has been accused of fomenting unrest in eastern Ukraine.

Expectations of rising U.S. crude oil stockpiles also weighed on prices.

Data for the week ending April 11 is expected to show an increase of 2.4 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Meanwhile, continued uncertainty about the reopening of oil export terminals in Libya, a key supplier of high-quality crude to European refineries, kept a floor under prices.

In other energy futures trading in New York:

  • Wholesale gasoline was flat at $3.04 a gallon.
  • Natural gas rose 1 cent to $4.57 per 1,000 cubic feet.
  • Heating oil lost 1 cent to $2.98 a gallon.

Yuras Karmanau in Horlivka, Ukraine, contributed to this report.

Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Sales- Decontamination/Chemical Cleaning Services
Expertise: Sales
Location: Baton Rouge, LA
Account Manager - Western US - Vapor Control & Degassing
Expertise: Sales
Location: Long Beach, CA
Sales Manager - Vapor Control/Degassing Services
Expertise: Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours