IV:U.S. oil futures steady near 2-week high on Russia concerns
Investing.com - U.S. oil futures swung between small gains and losses to hold near a two-week high on Thursday, as investors worried tougher sanctions against Russia could lead to a disruption to supplies.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May held in a range between $100.06 a barrel and $100.41 a barrel.
Nymex oil last traded at $100.11 a barrel during European morning hours, down 0.15%, or 15 cents.
The May contract rose to $100.46 a barrel on Wednesday, the highest since March 11, before trimming gains to settle at $100.26 a barrel, up 1.08%, or $1.07.
Futures were likely to find support at $99.10 a barrel, the low from March 26 and resistance at $101.51 a barrel, the high from March 11.
Oil prices rallied on Wednesday after President Barack Obama urged Europe not to get complacent over Russia's recent annexation of Crimea.
Speaking in Brussels, Obama told allies complacency against Russia could have serious consequences, including stiffer sanctions slapped on Russia if Moscow makes new incursions into Ukraine.
Russia is the world’s biggest energy producer.
Meanwhile, market players awaited the release of key U.S. data later in the session for further indications on the strength of the economy and the future course of monetary policy.
The U.S. is to publish final data on fourth quarter economic growth, as well as the weekly report on initial jobless claims and private sector data on pending home sales.
Upbeat U.S. durable goods orders figures on Wednesday indicated that economy is gaining momentum in the wake of a weather-induced slowdown.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery eased down 0.11%, or 12 cents, to trade at $106.91 a barrel, while the spread between the Brent and U.S. crude contracts stood at $6.80 a barrel.
