The European Union is seeking market- based natural gas prices for Russian supplies to Ukraine to end a dispute between the two nations and avoid possible disruptions to the bloc, which is pushing to diversify supplies.
Brent crude rose for the first time in three days as an al-Qaeda offshoot consolidates its control over areas of Iraq, OPEC’s second-largest producer. West Texas Intermediate settled above $106 a barrel for the eighth time in nine days.
Russia and Ukraine discussed setting a natural-gas price for the next 12 months, the European Union said after three-way talks in Brussels, a signal that a deal on fuel supplies between the countries may be getting closer.
OAO Gazprom, Russia’s biggest company, moved forward on building a natural gas pipeline to the European Union to cut transit dependence on Ukraine, the same day Russian President Vladimir Putin asked lawmakers to revoke a right to use force in the smaller country.