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Oil prices rise on continuing tension in Ukraine Oil prices steady as Libya woes ease
(about 3 hours later)
Crude oil prices have risen amid continuing tensions in Ukraine and concerns about possible disruptions to Russian gas supplies. Crude oil prices rose in early Monday trading amid tensions in Ukraine, but fell again after Libyan protesters ended their occupation of an oil port.
The price of Brent crude futures rose above $108 a barrel in Monday trading - a gain of 0.8% on Friday's close. The price of Brent crude futures briefly rose above $108 a barrel, but later fell back to $107.30.
Pro-Russian militants are still occupying buildings in eastern Ukraine, ignoring a deadline to leave by Kiev. Libya's state oil firm said the port of Zawiya and its refinery had reopened and were operating normally.
EU foreign ministers are meeting to discuss further sanctions against Russia. But pro-Russian militants are still occupying buildings in eastern Ukraine, ignoring a deadline to leave by Kiev.
"There is a premium being built into the price by Putin's land grab," said Jonathan Barratt, of Barratt's Bulletin, a commodity research firm in Sydney. EU foreign ministers are meeting to discuss new sanctions against Russia.
"They are peaking at the top end of the range." Brent crude oil was trading at $107.74 a barrel at 12:30 BST, up 41 cents or 0.4%, while West Texas Intermediate crude was trading little moved at $103.62.
Brent crude oil was trading at $108.19 a barrel at 0900 BST, up 86 cents or 0.8%, while West Texas Intermediate crude was trading at $104.52, up 93 cents or 0.9%.
Gas supply threatGas supply threat
Energy analysts say the crisis in Ukraine is unlikely to have a direct impact on global oil supplies, and so further rises in the price of oil could be limited. Energy analysts say the crisis in Ukraine is unlikely to have a direct impact on global oil supplies. However, disruption to Europe's gas supplies is possible.
However, disruption to Europe's gas supplies is possible.
President Putin wrote to EU leaders last week saying that Russia would cut gas supplies to Ukraine if it did not pay its bills.President Putin wrote to EU leaders last week saying that Russia would cut gas supplies to Ukraine if it did not pay its bills.
This could lead to a reduction of gas supplies to Europe - much of which comes via pipelines across Ukraine.This could lead to a reduction of gas supplies to Europe - much of which comes via pipelines across Ukraine.
The European Union's Energy Commissioner, Guenther Oettinger, is expected to discuss this threat to gas supplies at Monday's meeting of EU foreign ministers.The European Union's Energy Commissioner, Guenther Oettinger, is expected to discuss this threat to gas supplies at Monday's meeting of EU foreign ministers.
These tensions have overshadowed expectations of more Libyan crude oil coming into the market. Meanwhile, Libya's western Zawiya oil port resumed operations after protesters left the entrance to the facilities and the adjoining refinery has also restarted production.
Libya's western Zawiya oil port has resumed operations after protesters left the entrance to the facilities - the adjoining refinery is expected to restart production in about 24 hours.