Oil prices mixed amid international tensions over Crimea, outcome of Federal Reserve monetary policy meeting

19-Mar-14

New York's main contract, West Texas Intermediate for April delivery, eased to US$97.8, while Brent North Sea crude inched up to US$106.3 for its May contract. Oil prices were mixed in Asia in a market rife with international tensions over Crimea and as investors await the outcome of a Federal Reserve monetary policy meeting. The US central bank is expected to further cut its huge stimulus program as the American economy slowly recovers. Russian President Vladimir Putin signed a decree recognising Crimea as an independent state following its vote to secede from Ukraine and join Russia. US-led Western powers have imposed sanctions, but failed to dissuade the Russian leader from pursuing his apparent goal of annexing Crimea. More than 70% of Russia's gas and oil exports to Europe pass through Ukraine and investors are worried that sanctions against Russia could disrupt supplies from the country.