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Tuesday, September 22, 2020
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Business Oil climbs on worries over Ukraine crisis

Oil climbs on worries over Ukraine crisis

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

The Associated Press

The price of oil rebounded above $101 per barrel Monday as mounting tensions in Ukraine raised the likelihood of further Western economic sanctions against major energy producer Russia.

Benchmark U.S. crude for June delivery gained 42 cents to $101.02 on the New York Mercantile Exchange. Oil had finished last week with a decline of $3.70 a barrel, or 3.5 percent, to $100.60.

Brent crude, an international benchmark for oil, rose 23 cents to $109.81 on the ICE Futures exchange in London.

The Group of Seven industrial nations and other European governments were preparing fresh sanctions against Russia for failing to comply with an agreement reached in Geneva on defusing the crisis in Ukraine. The crisis escalated as pro-Moscow insurgents in the east began taking hostages, including reporters and pro-Ukraine activists.

In other energy futures trading in New York:

— Wholesale gasoline edged higher to $3.04 a gallon.

— Heating oil was unchanged at $2.99 a gallon.

— Natural gas steady at $4.65 per 1,000 cubic feet.

 

 

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