Oil prices down after US stock rise

Wednesday, March 12, 2014

ISTANBUL - Brent crude oil prices have dropped due to increasing economic uncertainty in the Chinese economy, the world's second-largest oil consumer. And U.S. oil have risen more than expected.

The price of crude oil price rose to $108,37 a barrel after Crimea's local assembly members voted for independence from Ukraine on Tuesday.

The Parliament of the Autonomous Republic of Crimea and the Sevastopol City Council voted at an extraordinary session on Tuesday to hold a referendum March 16 on whether to stay with Ukraine or join Russia. 

Brent crude oil prices closed as low as $108.37 on Tuesday; currently, it is trading between $107.70 and $108.5 a barrel and the price of U.S. West Texas crude oil dipped under $100 a barrel and closed at $100 a barrel on Tuesday. It is currently trading around $98.59 a barrel.

Analysts say if crude oil prices could possibly sink to $96.7

According to American Petroleum Institute data, U.S. crude stocks rose last week by 2.6 million barrels in the week to March 7 to 367 million. That was over the market´s expectation ofa rise of 2.2 million barrels.

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