3rd March 2014
The ongoing crisis in Ukraine has sent US oil futures higher.
Russian leader Vladimir Putin has received parliamentary approval to send troops into the Crimea and this has lead to increased demand for safer investments.
As of 10:45 GMT, West Texas Intermediate (WTI) crude oil was up 1.37 per cent to $104.00 per barrel.
Earlier in the day it had reached a session high of $104.65 - the best figure recorded since late September.
Both Brent crude oil and Nymex heating have also seen increases, rising 1.79 per cent and 1.50 per cent respectively.
The former has reached $111.02 per barrel, while the latter now stands at $306.15 per gallon.
In addition to the situation in Ukraine, ongoing cold weather in the US has boosted oil markets. Snow storms and freezing temperatures are expected to continue across much of the country for the next few days.
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