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West Texas Intermediate crude dropped from a five-month high as Brent slid amid speculation that tension between Ukraine and Russia, the world’s biggest energy exporter, won’t disrupt oil supplies.
declined as much as 1.6 percent. Russian President Vladimir Putin said there’s
no immediate need for the country to invade
WTI for April delivery slid $1.57, or 1.5 percent, to $103.35 a barrel at 9:52 a.m. on the New York Mercantile Exchange. The contract rose 2.3 percent to $104.92 yesterday, the highest settlement since Sept. 19. The volume of all futures traded was near the 100-day average.
Brent for April settlement dropped $1.98, or 1.8 percent, to $109.22 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $5.87 to WTI, dipping below $6 a barrel for the first time since October. The spread closed at $6.28 yesterday.
reporters at his residence near
yesterday and Brent crude gained 2 percent as escalating tension between
southern branch of the Druzhba pipeline, which carries about 300,000 barrels a
day of Russian crude via
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