Oil Price Up Past $104 Amid Ukraine Tensions
NEW YORK (AP) — The price of oil rose Monday on the prospect of higher demand in the U.S. and escalating tensions in Ukraine.
Benchmark U.S. crude for May delivery rose 31 cents to close at $104.05 a barrel in New York. It's only the second time since September that oil has closed above $104.
Brent crude, a benchmark for international varieties of oil, was up $1.74 cents to close at $109.07 in London. If sustained, the jump in Brent crude, which is used by many U.S. refineries to make fuels, will likely make for higher U.S. retail gasoline prices in the weeks ahead.
Ukraine's government announced Sunday it was sending in troops to try to quash a pro-Russian insurgency in eastern Ukraine despite warnings from the Kremlin. Markets have been rattled by concern Western sanctions against Moscow might disrupt Russian exports of oil and gas.
In other energy futures trading in New York:
- Wholesale gasoline rose 2.4 cents to close at $3.038 a gallon.
- Natural gas fell 6 cents to close at $4.560 per 1,000 cubic feet.
- Heating oil rose 4.6 cents to close at $2.979 a gallon.
AP Writer Pablo Gorondi in Budapest contributed to this report.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension