Oil flat-lines amid Ukraine upheaval
April 18, 2014, 12:31 am TWN
LONDON--Oil flat-lined Thursday as the upheaval in Ukraine continued to cancel out a big increase in U.S. oil supplies.
Benchmark U.S. crude for May delivery was up 1 cent at US$103.77 a barrel at 0910 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 1 cent Wednesday to US$103.76. There is no oil trading on Good Friday, one of only three days a year in which oil is not traded either electronically or through open outcry.
Oil trading was hemmed in Thursday by opposing influences.
Tensions remained over Ukraine, where po-Russian militants clashed with Ukrainian forces in the country's east as authorities try to reassert control over eastern region.
Traders worry that Russia's actions could be met with sanctions that disrupt exports of the country's oil and gas. But that upward impetus for oil prices was offset by the U.S. Energy Department's weekly supply report Wednesday. It showed an increase of 10 million barrels, the largest in 13 years, on higher domestic production and imports.
Brent crude was down 27 cents at US$109.34 a barrel on the ICE exchange in London.
In other energy futures trading in New York:
— Wholesale gasoline fell 0.7 cent to US$3.004 a gallon.
— Natural gas is down 2.7 cents to US$4.557 per 1,000 cubic feet.
— Heating oil dropped 0.7 cent to US$2.995 a gallon.