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.

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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