Crude oil futures lost value on Monday amid confidence that supply lines will remain strong in the aftermath of the Sunday vote by Crimea to be annexed by Russia, according to Bloomberg.
Both the U.S. and the European Union issued warnings to Russia against annexing Crimea, which could set up a faceoff between the global powers.
"We're not anticipating sanctions on Russia to include a halt of oil or gas purchases," director of market research Addison Armstrong with Tradition Energy in Stamford, Connecticut told the news source on Monday. "With Europe dependent on Russian exports of oil and gas and Russia depending on the earnings they provide, the market at this stage isn't anticipating a disruption."
At 10:30 a.m. on Monday, West Texas Intermediate crude oil futures fell 0.3 percent, a 30-cent loss to $98.59 per barrel. Brent crude oil futures slumped 0.84 percent, a 91-cent fall to $107.30 per barrel.
Reuters reports production of the energy commodity in Indonesia fell to about 790,000 barrels per day after the country's top generator closed hundreds of wells because of forest fires causing thick haze.
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