MARKET WATCH: Oil futures rally on Ukraine concerns

Crude oil prices on both the New York and London markets rallied Mar. 3 upon increasing tensions between Russia and Ukraine, which analysts said boosted fears of possible disruptions to global oil supplies.

Crude oil prices on both the New York and London markets rallied Mar. 3 upon increasing tensions between Russia and Ukraine, which analysts said boosted fears of possible disruptions to global oil supplies.

The New York Mercantile Exchange crude contract for April delivery touched $105.22/bbl during Mar. 3 trading before closing at $104.92/bbl, which was the highest level for the front-month contract since Sept. 19, 2013. The NYMEX May contract rose $2.33 to settle at $104.22/bbl.

Heating oil for April delivery was up 6.42¢ to a rounded $3.08/gal. Reformulated gasoline stock for oxygenate blending for April delivery was up 4.29¢ to a rounded $3.02/gal.

The April natural gas contract on NYMEX declined 11.7¢ to a rounded $4.49/MMbtu. On the US spot market, the gas price at Henry Hub was $6.70/MMbtu, up $1.96.

In London, the April ICE contract for Brent crude delivery gained $2.13, closing at $111.20/bbl, marking its highest level since late December 2013. The May contract increased $2.14 to $110.77/bbl. The ICE gas oil contract for March was up $20 to $940.75/tonne.

The Organizational of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $107.80/bbl on Mar. 3, up $1.88.

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