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Friday, March 28, 2014

Rising oil prices boosted optimism concerns the U.S. and Ukraine

Rising oil prices boosted optimism concerns the U.S. and Ukraine

World oil prices rose on Friday (Saturday morning GMT ) , boosted optimism the U.S. economy , concerns over supply disruptions in Africa and the mobilization of Russian troops to the border of Ukraine .

The main contract , light sweet crude or West Texas Intermediate ( WTI ) for delivery in May , rose 39 cents to close at 101.67 U.S. dollars per barrel on the New York Mercantile Exchange .

Brent North Sea crude for delivery in May added 24 cents to stand at 108.07 dollars a barrel in London trade .

The market is supported by the increased confidence in the U.S. economy , after the government on Thursday said the economy grew at an annual rate of 2.6 percent in the fourth quarter of last year , stronger than the previous forecast of 2.4 percent , primarily driven by higher consumer spending .

Singapore 's United Overseas Bank said in a market commentary , economic data has been added to optimism the U.S. economy .

It is said , there are also concerns about oil supplies being disrupted after Shell announced Nigeria's main pipeline was sabotaged and halted the export of the country .

Nigeria is Africa's largest oil producer , producing more than two million barrels per day .

Ongoing protest , which had prevented Libya from increased production and export of oil into the normal range , also contributed to higher prices .

Towards the end of the week , as well , traders oversaw the deployment of thousands of Russian troops to the eastern border of Ukraine , draw harsh criticism and warnings from the West .

In a forthright message on Friday , Serikatk U.S. President , Barack Obama , told Moscow to withdraw its troops and begin direct negotiations with the Ukrainian government and the international community .

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