Brent crude oil (BNO, quote) was steady above $109 as investors kept a close eye on the developing situation in Ukraine and breathed a sigh of relief following in-line Chinese data.
WTI Crude Oil (USO, quote) prices moved slightly higher during overnight trading in Asia. Volume remains light as we approach the U.S. first trading of the week with New Zealand and Australia closed for holiday.
Brent crude oil (BNO, quote) ticked up on Thursday morning as rising tension in Ukraine increased worries about supply interruptions. The commodity traded at $109.72 at 8:25 GMT as peace talks in Geneva began to look less and less worthwhile.
Brent crude oil (BNO, quote) slipped below $109 to $108.58 at 5:50 GMT on Tuesday morning as investors put their faith in a meeting set to take place on Thursday between the US, the EU, Russia (RSX, quote) and Ukraine.
Brent crude oil (BNO, quote) ticked up as tension in Ukraine grew. The commodity traded at $107.50 at 6:20 GMT after reports that pro-Russian groups had seized government buildings in several eastern Ukrainian cities.
Brent crude oil (BNO, quote) slid lower on Tuesday after PMI data added to worries about a waning global demand outlook. The commodity traded at 106.63 at 5:20 GMT as the confrontation between the West and Russia helped keep a floor under prices.
Brent crude oil (BNO, quote) traded at $108.29 at 5:45 GMT on Wednesday morning as worries about slipping global demand outweighed concern about the situation in Ukraine.
Turmoil in Emerging Markets hit investor confidence in January and, after a stellar February, the crisis in the Ukraine could lead to profit taking this month. Indeed, volatility spiked to a similar level and the S&P came off its all-time-high on Friday as fears started to set in.
On a slow news day, with only Construction PMI on the horizon in the UK, Ukraine will continue to dominate.
As we begin the week on increase turmoil between the Ukraine and Russia(RSX, quote) energy traders are seeing the highest crude oil prices since September of last year as producers are fear political driven supply disruption.
