Brent crude
rose for the first time in three days as violence in Ukraine escalated and
unrest continued to curb Libyan supplies. West Texas Intermediate was steady
before inventory data.
Futures climbed
as much as 0.4 percent in London. Ukraine said it will press on with military operations after
its forces regained control of Donetsk airport and inflicted “significant”
losses on pro-Russian separatists. The U.S. advised its citizens to leave Libya
because of clashes between armed groups in the OPEC member nation. U.S.
government data tomorrow will probably show crude stockpiles rose last week, according
to a Bloomberg News survey.
“The unrest in
both Libya and Ukraine continues” to support oil prices, Michael Poulsen, an
analyst at Global Risk Management Ltd. in Middelfart, Denmark, said by e-mail.
Brent for July
settlement increased as much as 38 cents to $110.40 a barrel on the
London-based ICE Futures Europe exchange and was at $110.26 at 11:36 a.m.
London time. The contract fell 30 cents to $110.02 yesterday. The volume of all
futures traded was about 50 percent below the 100-day average for the time of
day. Prices have gained 2 percent this month.
Mercantile
Exchange. The U.S. benchmark crude was at a discount of $5.92 to Brent on ICE.
The spread closed at $5.91 yesterday, the narrowest in six weeks.
Credit: Bloomberg.com
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