Crude oil futures were climbing in value on Tuesday in advance of increasing inventories of the energy commodity in the world's biggest consumer, according to Bloomberg.
Stockpiles in the U.S. rose by as much as 2.5 million barrels last week, according to a poll administered by the news service. The world's stronger powers are poised to levy more stringent sanctions against President Vladimir Putin after having temporarily banned him from the Group of Eight nations.
"It's still the geopolitics lurking in the background which have the potential to support the oil markets, mainly concerning Ukraine," head of commodity strategy Ole Hansen with Saxo Bank A/S in Copenhagen told the news source on Tuesday. "The news we have is mostly related to the ongoing concerns that the crisis could escalate between the West and Russia."
At 9:14 a.m. on Tuesday, West Texas Intermediate crude oil futures edged up 0.43 percent, a 43-cent rise to $100.03 per barrel. Brent crude oil futures climbed 0.38 percent, a 41-cent increase to $107.22 per barrel.
Reuters reports the energy commodity's gains were tempered by underwhelming economic data released by China regarding manufacturing. The Asian nation trails only the U.S. for consumption of the energy commodity.
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