The U.S. opted to delay its decision about the Keystone XL pipeline that would help Canadian crude oil into the U.S. A pact is in place to allay the strife between Russia and Ukraine, as worked out by the U.S., European Allies, Russia and Ukraine in Geneva.
"The reaction in the market was overdone," managing director Tom James with consultancy Navitas Resources in Dubai told the news source on Monday. "The last thing Russia will do is to cut exports. The Ukraine tension is hyped up, but if I ask what the market is looking at, it is clearly monitoring that situation."
At 9:17 a.m. on Monday, West Texas Intermediate crude oil futures edged down 0.11 percent, an 11-cent drop to $104.19 per barrel. At 9:16 a.m., Brent crude oil futures slipped 0.16 percent, an 18-cent fall to $109.35 per barrel.
Reuters reports China, the globe's second-biggest consumer of crude oil, drew about 33 percent more of the energy commodity from Iraq last month as compared to the same period last year.
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