Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Crude prices up after Ukraine escalation

28 May 2014, 06:36

Singapore - Oil prices rose in Asian trade on Tuesday on concerns over a dramatic escalation in the Ukraine crisis that could potentially cause a disruption in gas supply and send energy prices soaring, analysts said.

US benchmark, West Texas Intermediate (WTI) for delivery in July, rose 2 cents to $104.37 in late-morning trade while Brent North Sea crude for July delivery rose 23c to $110.55 per barrel.

Financial markets in the United States and Britain were closed on Monday for public holidays.

A fierce battle erupted in the rebel-held eastern belt of Ukraine Monday, just hours after president-elect Petro Poroshenko vowed he would not let the country become another Somalia.

Ukrainian fighter jets and combat helicopters struck the terminal building at an airport in the eastern city of Donetsk to try to dislodge scores of separatist gunmen who seized the complex, triggering hours of heavy firefights.

"The new president is making swift decisions to clamp down on the rebels," Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.

"This might spur a rebuttal from Russia... we might be looking at further tensions rising," Chua said.

Billionaire chocolate baron Poroshenko was on Monday confirmed by Ukraine's election chief as the new president after polls over the weekend, which were triggered after pro-Russian leader Viktor Yanukovych was ousted in February.

Washington and its European allies supporting Ukraine's interim Western-friendly government have accused Russia of fomenting unrest in the country, allegations Moscow denies.

Investors fear a full-blown conflict in the former Soviet state, a conduit for a quarter of European gas imports from Russia, will disrupt supplies and send energy prices soaring.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...