By Cassie Werber
LONDON--Crude futures were higher Wednesday, pushed up by the
geopolitical risk associated with further military developments in
Ukraine.
Brent for June delivery was up 67 cents at $110.04 a barrel on
ICE Futures Europe, on the first day of that month's contract. U.S.
crude-oil futures was up 91 cents at $104.66 a barrel on the New
York Mercantile Exchange.
While prices are higher, however, the gains remain modest.
"Investors it seems cannot believe that the situation will be
allowed to blow up into a full blown war," David Hufton of
brokerage PVM wrote in a note to clients.
"The next test will be tomorrow's meeting in Geneva of U.S.,
European Union, Russian and Ukrainian foreign ministers," he
added.
JBC Energy also noted that there were other pressures at
play.
"There are a number of factors that might be behind the recent
strengthening of crude prices, including the Ukraine situation and
other geopolitical risks, spiking gasoline prices, and
U.S.-specific developments strengthening WTI," or West Texas
Intermediate, the U.S. benchmark, they said.
The ICE's gasoil contract for May delivery was up $7.75 at
$925.00 a metric ton, while Nymex gasoline for May delivery was
down 6 points at $3.0415 a gallon.
Write to Cassie Werber at cassie.werber@wsj.com