New York’s main contract, West Texas Intermediate (WTI) for April delivery, rose by over a dollar to US$103.7 in mid-morning trade, and Brent North Sea crude for April spiked to US$110.5, as per AFP.
Lawmakers in Moscow voted to allow President Vladimir Putin to send troops into Crimea, a predominantly Russian-speaking peninsula in the southeast of Ukraine following the ouster of its pro-Russian government last week. In what has become the most serious crisis since the end of the Cold War, global leaders condemned the move as Ukraine’s new prime minister, Arseniy Yatsenyuk,warned: “We are on the brink of a disaster.” Desmond Chua, market analyst at CMC Markets in Singapore said, “Considering that Ukraine is part of the supply chain for Brent, we are looking at this pent-up risk premium resulting in overshooting prices.”
04-Mar-14 
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