Oil rises on renewed Ukraine tension, dollar

Crude oil rises to near $102 a barrel on renewed Ukraine tension, dollar weakness

Associated Press

The price of oil rebounded to near $102 on renewed tension in Ukraine and weakness in the dollar.

Benchmark U.S. crude for June delivery was up 15 cents to $101.64 a barrel at 0755 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to close Thursday at $101.50.

Brent crude, a benchmark for international oil used by many U.S. refineries, rose 8 cents to $109.14 in London.

Russian President Vladimir Putin stoked tensions with Ukraine by warning his country wouldn't deliver gas to its neighbor unless it receives payment in advance, part of a dispute over an unpaid energy bill. Ukraine is a major conduit for Russian gas deliveries to Europe.

The dollar's weakness against some Asian currencies also helped support crude prices. It fell against the Indian rupee following the pro-business opposition's election victory in India. Oil, which is priced in dollars, tends to rise when the greenback depreciates because it's cheaper to buy for traders using other currencies.

In other energy futures trading in New York:

— Wholesale gasoline fell 0.2 cent to $2.944 a gallon.

— Natural gas fell 1.2 cents to $4.457 per 1,000 cubic feet.

— Heating oil was almost unchanged at $2.951 a gallon.

Rates

View Comments (3)

Recommended for You