(Brent) oil prices to stay supported above the $70 level.
We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments," said Yeap Jun Rong, market strategist at IG.
The war between Russia and Ukraine in focus after Moscow's nuclear threat
Rising tensions between Russia and Ukraine were the biggest support point for Brent, as safe-haven demand rose after Moscow lowered the threshold for nuclear retaliation over Ukraine attacks.
By 03:45 ET, U.S. crude futures ( VTI ) were up 0.5% at $69.58 a barrel, while the Brent contract was up 0.4% at $73.61 a barrel.
The US embassy in Kiev was closed earlier on Wednesday after warnings of a possible strike.
The war between Russia and Ukraine in focus after Moscow's nuclear threat
Rising tensions between Russia and Ukraine were the biggest support point for Brent, as safe-haven demand rose after Moscow lowered the threshold for nuclear retaliation over Ukraine attacks.
By 03:45 ET, U.S. crude futures ( VTI ) were up 0.5% at $69.58 a barrel, while the Brent contract was up 0.4% at $73.61 a barrel.
The US embassy in Kiev was closed earlier on Wednesday after warnings of a possible strike.
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