US benchmark West Texas Intermediate for May delivery rose to US$104.25per barrel in mid-morning Asian trade while Brent North Sea crude for May settled at US$107.8. Oil prices edged higher in Asia as tensions escalated on the Russia-Ukraine issue as Russia and the West disagreed at emergency UN talks. Ukraine is the main conduit for Russian gas to be transported to Europe. Fears abound in the market that any full-scale armed conflict will disrupt supplies and send oil and gas prices soaring. Russian deliveries account for a little over 30% of the natural gas supplies to the European Union. Ukraine's acting president Oleksandr Turchynov has accused Russia of waging war in his country's eastern rust belt and declared the launch of a "full-scale anti-terrorist operation" that left at least two dead.
14-Apr-14 
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