Ukraine crisis causes oil price hike
Friday, March 28, 2014
ISTANBUL - Brent crude oil prices increased due to the rising tensions over Crimea.
Brent crude oil prices started Thursday at US$106.90 and rose to US$107.63 by the end of the day after the U.S. President Barack Obama’s statements.
Currently, it is trading at around US$108.05 a barrel; the price of U.S. West Texas crude oil rose to US$101.7 a barrel and closed at US$101.37 a barrel on Thursday. It is currently trading around US$101.78 a barrel.
Analysts say brent crude oil prices could rise further.
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