Brent crude advanced to a two-week high as
tensions escalated between Ukraine and Russia, the world’s biggest energy
exporter. West Texas Intermediate moved between gains and losses.
Futures rose as much as 1 percent in London.
Russia called for an emergency meeting of the United Nations Security Council
after Ukrainian security forces clashed with pro-Russian gunmen in the eastern
town of Slovyansk. European officials weighed expanding sanctions against
Russia over Ukraine, where they say the government in Moscow is stoking deadly
separatist unrest with the same methods it used to destabilize and annex
Crimea.
“The situation in Ukraine deteriorated
significantly over the weekend, which explains the strength in Brent,” said Bob
Yawger, director of the futures division at Mizuho Securities USA Inc. in New
York. “The upsurge in unrest justifies trading at these levels.”
Brent for May settlement increased 71 cents, or
0.7 percent, to $108.04 a barrel on the London-based ICE Futures Europe
exchange at 10:32 a.m. in New York. It earlier touched $108.38, the highest
intraday level since March 28. The volume of all futures traded was 23 percent
above the 100-day average.
WTI for May delivery gained 13 cents to $103.87
a barrel on the New York Mercantile Exchange. Volume was 73 percent above the
100-day average.