NEW YORK: As traders analysed geopolitical tensions over Ukraine, oil prices concluded higher last day, with both the US crude benchmark and Brent topping USD 100 a barrel in intraday trading.
After touching a session high of USD 100.54, the West Texas Intermediate for April delivery gained 71 cents to end at USD 92.81 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose USD 2.24 to USD 99.08 a barrel on the London ICE Futures Exchange, after reaching a high of USD 105.77 earlier in the session.
both crude benchmarks reportedly reached their highest intraday levels since 2014. The oil surge occurred when tensions between Russia and Ukraine erupted overnight into a military clash.
On Thursday, Russian President Vladimir Putin authorised "a special military action" in Donbas, and Ukraine acknowledged that military targets throughout the country were being attacked.
Experts stated that market investors were concerned that the rising Russia-Ukraine hostilities may impair energy supplies. Traders also analysed newly revealed weekly fuel inventory data from the United States.
The Energy Information Administration (EIA) stated on Thursday that US crude oil stockpiles grew by 4.5 million barrels during the week ending February 18. S&P Global Platts polled analysts who predicted a 0.3 million barrel drop in US crude inventory.
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