West Texas Intermediate and Brent crudes declined on speculation that Crimea’s vote to leave Ukraineand join Russia is unlikely to disrupt oil shipments.
WTI fell as much as 1.2 percent, while Brent tumbled 1.7 percent. The U.S. and the European Union warned Russia not to annex Crimea after the referendum and imposed sanctions against the world’s biggest energy-producing country. Brent, which is used to price more than half of the world’s crude and, unlike WTI, can be exported, is often more sensitive to changes in the global supply-and-demand balance.
Source: Bloomberg
