Share

Oil prices slip

London - Oil prices fell on Tuesday on profit-taking one day after Russia-Ukraine tensions had sent them higher.

New York's main contract, West Texas Intermediate for May delivery, slid 86 cents to stand at $103.19 compared with Monday's closing level.

Brent North Sea crude for May was down 32c to $108.75 a barrel in London morning trade.

The market had marched higher on Monday as traders kept a wary eye on escalating tensions between Russia and Ukraine that have raised fears of a disruption to energy supplies to Western Europe.

"The Ukraine crisis is likely to remain in a deadlock and should continue to render good support to benchmark crude prices in the near term," Tan Chee Tat, an analyst at brokers Phillip Futures, told AFP.

Ukraine's Western-backed leader Oleksandr Turchynov on Tuesday accused Russia of trying to enflame the country's southeast.

European foreign ministers meanwhile held back on unleashing punishing economic sanctions against Russia in hopes that EU-US mediated talks Thursday in Geneva between Moscow and Kiev could help deescalate the most explosive East-West standoff since the Cold War.

US President Barack Obama had urged Russian leader Vladimir Putin in a phone call on Monday to press pro-Moscow groups to lay down their arms in Ukraine.

With Ukraine a key conduit for Russian gas to Western Europe, traders are concerned that any full-scale armed conflict will disrupt supplies and send oil and gas prices skyrocketing.

Russian deliveries account for 34% of the natural gas supplies to the European Union, according to the Soufan Group, a US-based intelligence firm.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.97
-0.3%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
906.75
+1.1%
Palladium
1,015.63
+1.4%
Gold
2,208.55
+0.6%
Silver
24.60
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,222
+0.8%
All Share
74,420
+0.7%
Resource 10
56,938
+2.3%
Industrial 25
103,869
+0.6%
Financial 15
16,500
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders