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Oil prices retreat as stocks decline on Ukraine fears

English.news.cn   2014-04-26 05:11:13

NEW YORK, April 25 (Xinhua) -- Oil prices fell Friday as U.S. equity markets slipped amid disappointing corporate earnings and fears over Ukraine crisis.

U.S. stocks fell as tensions between Ukraine and Russia escalated and auto maker Ford trailed expectations on its profit.

On the economic front, adjusted for seasonal influences, the Markit Flash U.S. Services Purchasing Managers' Index registered 54.2 in April, down from 55.3 in March. The latest reading was the second-lowest since October 2013 and indicated a slower pace of expansion.

The ample U.S. crude supplies also weighed on the markets. U.S. crude inventories rose 3.5 million barrels to 397.7 million barrels for the week ending April 11, reaching the highest level in 83 years, said the Energy Information Administration (EIA) Wednesday.

The standoff between Ukraine and Russia peaked on Thursday, when Russia began drills near the border with Ukraine in response to Kiev's "anti-terror" operation, which left five pro-Moscow protesters dead.

U.S. President Barack Obama on Friday informed European countries of U.S. intent to impose fresh sanctions on Russia in response to its failure to help ease the tensions.

Light, sweet crude for June delivery moved down 1.34 dollars to settle at 100.60 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.75 dollars to close at 109.58 dollars a barrel.

Editor: Mu Xuequan
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