Oil Futures Range-Bound In Low Volumes, Eyes On Ukraine

Reuters

NEW YORK, April 21 (Reuters) - Brent crude oil strengthened slightly while U.S. crude futures were briefly supported by positive economic data on Monday but prices were range-bound in low volumes following Easter Sunday with no significant escalation in tensions over Ukraine.

Gasoline futures led the U.S. oil complex with traders and analysts citing a report of an upcoming refinery shutdown on the Gulf Coast as supporting the contract.

But volumes were low in all markets as traders kept to the sidelines after the Easter holiday weekend with the London market remaining closed for Easter Monday.

U.S. crude futures jumped 30 cents a barrel after the Conference Board said its leading economic indicators, a gauge of future economic activity, rose in March.

But they gradually backed off the gains throughout the day, settling 7 cents higher at $104.37 a barrel. Brent crude settled 42 cents higher at $109.95 a barrel, having briefly flirted with $110 a barrel.

"My feeling is that we're still concerned about Ukraine and we're still getting a little support from the economy ... But we're not up by much and volumes are still light because people are out for the holidays," said Phil Flynn, analyst with Price Futures Group.

The May contract for U.S. crude oil futures will expire at the end of Tuesday but analysts said they did not expect volatility stemming from a switch to the June contract.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Chloride Sales Manager
Expertise: Business Development|Customer Service|Sales
Location: The Woodlands, TX
 
Manager, Fuel Budget & Perf
Expertise: Energy / Commodity Trading|Materials Management |Port Operations
Location: Miami, FL
 
Project Manager (Subs)
Expertise: Project Management
Location: Bremerton, WA
 
search for more jobs

Brent Crude Oil : $54.15/BBL 0.51%
Light Crude Oil : $51.47/BBL 1.45%
Natural Gas : $3.22/MMBtu 3.30%
Updated in last 24 hours