Crude oil price fluctuates amid Ukraine crisis

 

The price of crude oil fluctuated on Monday around $104 a barrel amid tensions in Ukraine.

U.S. crude for May delivery dropped 11 cents to $103.63 a barrel on the New York Mercantile Exchange by early afternoon in Europe on Monday. Earlier in the day, however, the price reached $104.55, the Associated Press reports.

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On Sunday, Ukraine's government announced it will send troops to stamp out the pro-Russian insurgency in eastern Ukraine. Western sanctions against Russia have rattled markets, and may disrupt Russian oil and gas exports.

"This standoff has been regarded as potentially disruptive to Russian gas supplies to Europe, however at this point we see a cutoff to the EU as unrealistic," said a report from analysts at JBC Energy in Vienna.