Oil dips as investors weigh Ukraine war

Oil prices drop as investors weigh Russia-Ukraine conflict and rising US crude and gasoline stocks.

HOUSTON:

Oil prices slipped on Wednesday as investors weighed the intensifying war between major oil producer Russia and Ukraine, and a rise in US crude and gasoline stocks.

Brent crude futures for January were down 46 cents, or 0.63%, at $72.85 a barrel by 1719 GMT.

US West Texas Intermediate crude futures for December , due to expire on Wednesday, were down 29 cents, or 0.42%, at $69.10, while the more active WTI contract for January was down 4 cents, or 0.58%, at $68.84.

The conflict between Russia and Ukraine and subsequent concern around potential oil supply disruptions have helped keep a floor under prices this week.

"These risks to supply are definitely keeping the support here and offsetting to a degree concerns around the global demand outlook," said John Kilduff, partner at Again Capital in New York.