Price of oil
dips 30 cents
Oil’s price fell Tuesday ahead of talks aimed at defusing tensions over Ukraine and the latest report on U.S. oil supplies.
Benchmark U.S. crude for May delivery slid 30 cents to close at $103.75 on the New York Mercantile Exchange. Monday, the Nymex contract rose 31 cents. Brent crude, a benchmark used for international varieties of oil, dropped 33 cents to $108.74 on the ICE Futures exchange in London.
Officials from the U.S., Russia, Ukraine and the European Union are set to meet in Geneva on Thursday for negotiations aimed at persuading Russia to back off in Ukraine following its annexation of Crimea.
Failing that, EU leaders could meet as early as next week to decide on tighter sanctions on Russia, a major producer of oil and gas that has been accused of fomenting unrest in eastern Ukraine.
In the U.S., the average price for a gallon of gasoline stood at $3.64 — up 12 cents from a month ago, and 11 cents higher than this time in 2013.
From Staff Reports