Inflation Buiilds, Oil Slides
Oil fell for a third day on Wednesday, dropping nearly 1 percent on concerns about rising U.S. production and another drop in financial markets after U.S. consumer prices rose more than expected. Brent crude futures fell 55 cents to $62.17 a barrel by 1350 GMT. The price has lost 11 percent since hitting a high above $71 in January and has now wiped out all its 2018 gains. U.S. West Texas Intermediate crude futures dropped 77 cents to $58.42 a barrel. U.S. consumer prices excluding energy and food accelerated at their fastest pace in a year…
Brent Oil Rises as Ukraine Starts Military Ops
Benchmark Brent oil rose slightly on Tuesday after news that Ukrainian armed forces launched military operations in the east of the country, but crude futures encountered headwinds from the prospect of rebounding oil exports from Libya and the expiration of the front-month contract. Russia declared Ukraine on the brink of civil war as Kiev began a "special operation" against pro-Russian separatists in the eastern town of Kramatorsk and retook a main airfield there. Brent rose to near a six-week high on Monday after Western powers agreed to expand sanctions against Russia over Ukraine.