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Michael Poulsen News

03 Mar 2014

Oil Jumps More than $2 on Ukraine War Risk

Risk to oil flows seen low but Russia key supplier; Russian natural gas supply in doubt, European storage levels high. United States, Europe differ over trade sanctions. Crude oil prices jumped more than $2 a barrel to multi-month highs on Monday, lifted by rising tension in Ukraine after Russian President Vladimir Putin declared he had the right to invade his neighbour. Ukrainian Prime Minister Arseny Yatseniuk said Moscow's move to use military force was a "declaration of war" by Russia, one of the world's biggest oil producers. Analysts say Russian supplies of oil to the rest of the world are unlikely to be disrupted by the Ukraine crisis but oil prices rose as most financial markets tumbled, with investors pulling out of riskier assets such as stocks.

24 Feb 2014

Oil Holds around $110

Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend, falling to 230,000 barrels per day (bpd) on Sunday after a new protest shut the El Sharara field. Before nationwide protests started in the middle of last year, Libyan oil production was closer to 1.4 million bpd. "As long as the Libyan security situation is unstable, global oil prices will be buoyed," said Michael Poulsen, analyst at Danish consultancy Global Risk Management. Brent crude was up 15 cents at $110.00 a barrel by 1440 GMT, after settling higher for a second straight week. U.S.