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Talks About Cease-Fire in Ukraine Bring Oil Prices Higher

September 3, 2014 at 22:46 by Vladimir Vyun

Crude oil rallied today on peace talks between Russia and Ukraine. There were plans for a cease-fire agreement that should stop the conflict in the eastern regions of Ukraine, which led to sanctions against Russia. While the geopolitical tensions supported prices for crude to some degree due to the threat of supply disruptions, but they also put downward pressure at the same time as the sanctions hurt trade between Russia and the European Union, threatening Europe’s economic recovery.

Crude also rallied as American Petroleum Institute reported decline of US inventories by 545,000 barrels. The Energy Information Administration will release its estimates tomorrow. Analysts expect drop by 900,000 barrels.

October futures for WTI crude oil rallied 2.9 percent to $95.54 per barrel before trading at $95.18 as of 22:40 GMT on NYMEX today. Brent crude jumped as much as 2.42 percent to $102.77 on ICE.

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