Brent Rises With WTI as Further Sanctions on Russia Threatened


BESTPROFIT FUTURES (28/04) – Brent rebounded from its biggest loss in almost three weeks as the U.S. said it will impose more sanctions on Russia, the world™s biggest energy exporter, as the Ukraine crisis escalates. West Texas Intermediate rose in New York.

Futures in London advanced as much as 0.3 percent. The U.S. and European Union will announce new sanctions as early as today on Russian companies and individuals close to President Vladimir Putin, officials said.

Among those that may be targeted are Igor Sechin, chief executive officer of OAO Rosneft, the country™s biggest oil producer, according to people familiar with developments.

Brent for June settlement climbed as much as 28 cents to $109.86 a barrel on the London-based ICE Futures Europe exchange and was at $109.76 at 11:25 a.m. Sydney time. The contract closed at $109.58 on April 25, down 0.7 percent, the biggest decline since April 7.

WTI for June delivery rose as much as 35 cents to $100.95 a barrel in electronic trading on the New York Mercantile Exchange. The U.S. benchmark crude was at a discount of $8.90 to Brent. It ended the April 25 session at $8.98, the widest based on closing prices in six weeks. The volume of all futures traded was about 12 percent below the 100-day average.

Source : Bloomberg