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With tension in Ukraine weighing heavily on investors’ minds, Brent crude oil approached $110. The commodity traded at $109.77 at 6:32 GMT on Tuesday morning as last week’s Geneva Accord looked likely to fall apart.
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Rebel groups held their ground in several Ukrainian cities and refused to leave the government buildings despite their promises to vacate the areas. Last week, policy makers from the US, EU, Russia and Ukraine all agreed to work on deescalating the situation in Ukraine and easing tension between Moscow and the West. However, the pact is proving insignificant as both sides have accused the other of breaking it.
US and European officials have said Russia is responsible for the unruly rebel groups which are refusing to honor their agreement and leave Ukraine’s government offices. If the pro-Russian separatists do not vacate the buildings, the West is planning to impose new economic sanctions on Russia.
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The possibility that progress between Moscow and Western leaders will crumble sent Brent prices upward as many worried about market repercussions.
Meanwhile, expectations for US inventory data kept a lid on prices as many expect to see a rise in commercial crude inventories for the week ending on April 18th. According to Reuters, a poll showed that most analysts expect to see that crude stocks rose 2.7 million barrels last week.
Also weighing on prices is progress between Iran and world leaders as they work to end the decade long dispute over Tehran’s nuclear program. On Monday, Iranian President Hassan Rouhani’s administration confirmed that it had made changes to its atomic agency; adding individuals who were willing to participate in the ongoing negotiations with the West and sidelining those who were not.
If the talks between the two are successful, investors expect to see an influx of Iranian oil to the markets which will likely take prices lower.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.