NEW YORK — Oil prices sank Thursday, despite some encouraging economic data in the US, China and Europe, as traders kept an eye on the Ukraine crisis and Middle East tensions.
The US benchmark futures contract, West Texas Intermediate for September, slid by $1.05 to close at $102.07 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for delivery in September settled at $107.07 in London trade, down 96 cents from Wednesday’s closing level.
“The price action comes against a news backdrop we consider broadly supportive,” said Tim Evans of Citi Futures.
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Source: The Philippine Daily Inquirer
