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Situation in Ukraine Propels Oil Prices Higher

April 17, 2014 at 0:02 by Vladimir Vyun

Crude oil advanced today as tensions in Ukraine rise. Ukraine accused Russia of helping separatists in the eastern regions. NATO increased defenses in the nearby nations.

Prices maintained rally even after US inventories of crude swelled. The report from the Energy Information Administration showed that oil stockpiles increased by 10.0 million barrels to 394.1 million barrels last week from the week before. The actual growth was far above the projected increase of 1.3 million.

May futures for delivery of WTI crude oil rose $0.09 (0.09 percent) to $103.85 per barrel as of 23:58 GMT on NYMEX today. June contract for Brent crude advanced $0.24 (0.22 percent) to $109.60 per barrel on ICE.

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