Oil Futures Sink as Ukraine, Russia Face Western Sanctions

The Wall Street Journal reported that oil futures sank today due to expectations that western sanctions on Russia and Ukraine probably will not impact oil and gas supply.

As quoted in the market news:

Light, sweet crude for April delivery settled down 81 cents, or 0.8%, at $98.08 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange fell $1.97, or 1.8%, to $106.24 a barrel, its lowest settlement price since Feb. 4.

The U.S. and European Union enacted sanctions against Russian and Ukrainian officials Monday in response to Moscow’s military intervention in Crimea.

The U.S. sanctions prohibit Americans from conducting business with seven Russian officials and four Ukrainians. The EU imposed asset freezes and travel bans on 13 Russians and eight leaders from Ukraine’s Crimean region.

Click here to read the full report from The Wall Street Journal.