Oil prices were mixed in Asian trade today
after the crisis in Ukraine escalated over the weekend and data showed
Chinese manufacturing activity contracted at a faster rate than
initially thought. The US benchmark, West Texas Intermediate for June
delivery, gained six cents to USD 99.82 in mid-morning trade, while
Brent North Sea crude for June dipped 13 cents to USD 108.46. Desmond
Chua, analyst at CMC Markets in Singapore, said that investors are
expecting prices to remain high owing to the worsening crisis in Ukraine
which is seen as a proxy battle for influence between US-led Western
powers and Russia. "The markets are on tenterhooks for any further
escalation of events in the Ukraine after Sunday's violence," Chua told
AFP. Thousands of pro-Russian protesters attacked police headquarters
in the southern city of Odessa on Sunday, days after deadly clashes and a
fire there killed dozens of their comrades in what Kiev charged was a
Russian plot to "destroy Ukraine". The unrest in Odessa threatened a
new front in the Ukrainian government's battle against pro-Moscow
militants, with an expanded military operation under way in the east
against gunmen holding more than a dozen towns. Ukraine is a major
conduit for Russian oil and gas exports to Europe, and any disruption in
supplies could send prices soaring, analysts say. However, prices
faced downward pressure after banking giant HSBC said today its
purchasing managers index for China last month came in at 48.1, a tad up
from the 48.0 in March but weaker than the 48.3 reported in its
preliminary report on April 23. A figure below 50 indicates contraction
while anything above points to growth. The report is the latest
showing the world's number two economy and top energy consumer is
slowing down.
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