Oil prices rise on renewed Ukraine concerns
Thursday, 24 April 2014
Oil prices rebounded on Thursday as heightened tensions in Ukraine overshadowed data showing US commercial crude inventories reaching an all-time high, analysts said. New York's West Texas Intermediate for delivery in June, rose 24 cents to $101.68 a barrel. Brent North Sea crude for June climbed seven cents to stand at $109.18 a barrel around midday in London. Both contracts had tumbled on Wednesday on the US stockpiles data, which indicated softer demand at a time of robust production in the world's biggest oil consuming nation. Stocks rose 3.5 million barrels to 397.7 million for the week ended April 18, official figures showed, larger than the 2.4 million expected by analysts, according to AFP.