Crude Strengthens on Russia/Ukraine Tensions
Oil
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Article by:
FGE
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Date Published:
March 20, 2014
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Who was cited:
N/A
Friday last week saw the oil market react to the ongoing tensions in the Ukraine, and in particular to the Crimea referendum that took part last Sunday (whether or not the Crimea would leave the Ukraine and return to Russia).
On the likelihood they would vote to leave Russia, the market seemed to have concluded economic sanctions would be applied on Russia. Consequently, the oil price increase by over $1/bbl with ICE front month Brent closing at $108,57/bbl on Friday.
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