Crude prices were lifted on Monday, rising for the first time in three days as traders continue to focus on the escalated tensions in Ukraine, raising worries that the crises may weigh on global supplies. The North American WTI crude was boosted by the positive jobs data.
The European benchmark Brent crude for June settlement edged 0.13% higher at $108.74 per barrel on the London-based ICE futures Europe exchange at the time of writing. While futures for the North American West Texas Intermediate (WTI) crude for June delivery climbed 0.55% higher at $100.31 per barrel on the New York Mercantile Exchange.
The ongoing tension in Ukraine continues to weigh on the oil market and determine the oil prices.
“Oil production at Libya’s second-largest oil field, which has a daily production capacity of 340,000 barrels, cannot be resumed because other protesters are continuing to block a pipeline needed to transport the oil. If production can be resumed, this would significantly increase Libyan oil production and weigh on the Brent price accordingly,” according to a Commerzbank Corporates & Markets analyst note.
Over the weekend, the crises in Ukraine escalated, as Ukraine’s Interior Ministry forces were sent to drive out militants and release hostages, according to Minister Arsen Avakov. The crises in Odessa left 46 dead.
The US and European Union are blaming Russia for the ongoing crises in the eastern region of Ukraine and have threatened Russia with further sanctions.
In 2012, Russia produced 10.4 million barrels of crude a day and exported 7.4 million, according to reports from the EIA.
The US jobs reports released on Friday showed that 288,000 jobs were added in the jobs sector in April, marking the fastest pace of employment since February 2012 and surpassing analysts forecast of 218,000. Meanwhile the unemployment rate dropped from the previous figure of 6.7% seen in March to 6.3% in April.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post Crude Prices Lifted On Ukraine Tension appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog