Oil prices fall only one day after rising on Russia tension

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AFP

LONDON–Oil prices fell on Tuesday on profit-taking one day after Russia-Ukraine tensions had sent them higher.

New York’s main contract, West Texas Intermediate for May delivery, slid 86 cents to stand at US$103.19 compared with Monday’s closing level. Brent North Sea crude for May was down 32 cents to US$108.75 a barrel in London morning trade. The market had marched higher on Monday as traders kept a wary eye on escalating tensions between Russia and Ukraine that have raised fears of a disruption to energy supplies to Western Europe.

“The Ukraine crisis is likely to remain in a deadlock and should continue to render good support to benchmark crude prices in the near term,” Tan Chee Tat, an analyst at brokers Phillip Futures, told AFP.

Ukraine’s Western-backed leader Oleksandr Turchynov on Tuesday accused Russia of trying to enflame the country’s southeast.