Investing.com - Crude oil prices slid in Asia on Tuesday as U.S. and Russian policymakers look to find a diplomatic way out of the crisis over the annexation of the Ukraine.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $101.36 a barrel, down 0.22%, after hitting an overnight session low of $100.90 a barrel and a high of $101.96 a barrel.
Prices for the global Brent Oil contract fell 31 cents or 0.3% to end at $107.76 on the ICE Futures Europe exchange on Monday.
U.S. Secretary of State John Kerry and his Russian counterpart, Foreign Minister Sergei Lavrov, met over the weekend to diffuse the crisis, which has bolstered oil on concerns the conflict will escalate and threaten supply from crude-rich Russia.
While the impasse drags on, both policymakers said during weekend talks that they would continue to meet to until they strike a deal acceptable to all parties involved, which allowed for profit taking in choppy trading.
Prices have shot up in recent sessions after Russia sent troops along the Ukrainian border and annexed Crimea.
Soft U.S. data weakened crude price as well.
The Chicago purchasing managers’ index fell 55.9 from 59.8 in February. Analysts had expected the index to tick down to 59.0.
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NYMEX crude oil weaker in Asia as U.S-Russia look to diplomacy
Published 03/31/2014, 11:54 PM
Updated 03/31/2014, 11:56 PM
NYMEX crude oil weaker in Asia as U.S-Russia look to diplomacy
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