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Oil prices were mixed in Asian trade today following big gains in European and US trade that were fuelled by renewed Russia-Ukraine tensions.
New York’s main contract West Texas Intermediate (WTI) crude for May delivery eased 12 cents to $102.44 a barrel in mid-morning trade, while Brent North Sea crude for May delivery was up five cents at $107.72.
WTI crude surged $2.12 in New York to its highest level in a month after pro-Russian protesters seized the buildings in the eastern Ukrainian city of Donetsk. Brent jumped $1.85 in London.
Analysts said oil prices remained propped up by the heightened tensions in Eastern Europe.
“Investors should be wary and any escalation in tensions could throw global markets off tangent,” said Tang Hsin Jin, premium client manager at CMC Markets in Singapore.
Dealers are also awaiting the latest US crude stockpiles data to be released later today for clues about demand in the world’s top oil consumer.
Analysts expect the report to show that crude oil inventories rose by one million barrels, on average, in the week ended April 4, according to a Wall Street Journal survey.
Singapore’s United Overseas Bank said that the markets will also be focused on the release of minutes from the first US Federal Reserve policy meeting with new chairman Janet Yellen at the helm for further clues on the US economy.
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