Oil dips near $98 a barrel after Crimea votes to split from Ukraine, join Russia
The price of oil fell to near US$98 a barrel Monday after Crimea voted to split from Ukraine and join Russia, a development already anticipated by investors.
The vote triggered sanctions by the EU and U.S. against Russia, but none that affected the country's energy industry.
Benchmark West Texas Intermediate crude for April delivery fell 81 cents to close at US$98.08 on the New York Mercantile Exchange.
Brent crude, used to set prices for international varieties of crude, dropped $1.97 to US$106.24 a barrel on the ICE Futures exchange in London.
Crimea's parliament on Monday declared the region an independent state, following its residents' overwhelming decision in a referendum held Sunday to break away from Ukraine and seek to join Russia. The United States, the European Union and others said the vote violated the Ukrainian constitution and international law.
EU foreign ministers announced travel bans and asset freezes on 21 individuals seen pushing for the secession and possible annexation of the Crimean peninsula. While Russia is a major oil and gas producer, sanctions are not seen stretching that far for now.
For Russia, around 70 per cent of export revenues come from energy sales, analysts said.
Natural gas rose 11 cents to US$4.54 per 1,000 cubic feet as forecasts call for cooler than normal temperatures in the northern parts of the U.S. through the end of March.
In other energy futures trading on Nymex, wholesale gasoline fell eight cents to US$2.88 a U.S. gallon (3.79 litres) and heating oil dropped five cents to US$2.89 a gallon.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)
Read more Business News
- Coke smuggler gets 14 yearsKelowna - 1:31 pm
- Cops warn public about 'ICE'Kelowna - 1:15 pm
- Where is Batman?Penticton / S. Okanagan - 1:33 pm
- Man falls to deathPenticton / S. Okanagan - 2:30 pm
|QHR Technologies Inc||1.22||-0.04|
|Anavex Life Sciences||0.1804||-0.0036|
|Copper Mountain Mining||2.29||-0.13|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.31||-0.01|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...