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Oil climbs higher on Ukraine uncertainty

Friday, 16 May 2014


Oil prices advanced Friday as the market won support from the ongoing Ukraine crisis and upbeat data in the United States, which is the world's top crude consumer. Brent North Sea crude for July rose 28 cents to trade at $109.37 per barrel approaching midday in London. The US benchmark, West Texas Intermediate (WTI) for delivery in June, added 18 cents to $101.68 a barrel. "The political uncertainty in Ukraine continues to dominate the oil market, providing further support to crude oil prices," said analyst Myrto Sokou at the Sucden brokerage in London. "Furthermore, the solid US economic data indicates the US economic recovery is picking up pace." The United Nations warned Friday of an "alarming deterioration" of human rights in eastern Ukraine, where the government is battling an insurgency by armed pro-Russian separatists, according to AFP.