17th April 2014
The price of oil approached $105 a barrel on Wednesday due to growing concern over the crisis in the Ukraine, with the military taking action against separatists in the east.
Though gains were slightly tempered by slower Chinese growth, the benchmark US crude for May delivery was up $1.04 at $104.79 a barrel in crude oil trading on Wednesday on the New York Mercantile Exchange, while Brent was up 76 cents at $110.12 a barrel.
Officials from the US, Ukraine and the EU are set to meet with Russian representatives in Geneva on Thursday in a bid to persuade Russia - which is a major energy supplier to Europe - to back off in Ukraine following its annexation of Crimea.
If unsuccessful, EU leaders could convene as early as next week to decide on tighter sanctions on Russia, though any increasing tension between the West and Russia is likely to further push up crude oil prices. At 0800GMT, the US crude price sat at $104.07 a barrel.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.