Brent and West Texas Intermediate crudes rose to five-week highs as tension escalated between Ukraine and Russia, the world’s biggest energy exporter. Brent’s premium to WTI widened for the first time in seven days.
West Texas Intermediate crude advanced to the highest level in more than two weeks after supplies at Cushing, Oklahoma, the delivery point for the contract, reached a two-year low. Brent gained in London.
Commodities declined from the highest level in almost six months on speculation that the threat to energy and agricultural supplies from escalating tension in Ukraine’s Crimea region may be exaggerated.