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Oil prices advance on geographic tensions

English.news.cn   2014-04-09 05:53:07

NEW YORK, April 8 (Xinhua) -- Oil prices gained Tuesday on renewed tensions over Ukraine.

NATO's chief on Tuesday warned Russia against further intervention in Ukraine, after militants seized government buildings in several cities in east Ukraine. Uncertainties in Ukraine pose a big threat to the oil market, as more than 70 percent of Russian crude and gas exports to Europe pass through the country.

Russia produced more than 10 million barrels crude a day in January, and is the second-largest producer of natural gas.

The market benchmark oil stocks report from the Energy Department's Energy Information Administration will be out on Wednesday. Traders expected the report to show an increase of 750, 000 barrels in the total U.S. crude supplies last week.

Traders also expected the report to show inventories at the Cushing, Oklahoma oil-trading hub for the U.S. benchmark continue to drop as decreases in the stockpiles of Cushing support the crude prices.

Supplies at the hub dropped as a new portion of pipeline started to transport crude from Cushing to the Gulf Coast in January.

Light, sweet crude for May delivery rose 2.12 U.S. dollars to settle at 102.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery gained 1.85 dollars to close at 107.67 dollars a barrel.

Editor: Mu Xuequan
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