Brent holds above $ 106 due to active buying after an overnight...

Brent holds above $ 106 due to active buying after an overnight decline

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Brent topped $ 106 a barrel on Tuesday as hunters Specials stepped in after oil fell almost $ 2 in the previous session , when it became clear that the Ukrainian crisis will not interrupt the supply of Russian oil .

Earlier, oil prices were rising in anticipation of U.S. and European reaction to the result of the referendum on the annexation of Crimea to Russia .

But then they fell , as U.S. and European Union sanctions imposed on Monday, directed, as it turned out, some Russian and Ukrainian officials, rather than the trade in general .

“First American sanctions concern several Russian and Ukrainian officials and therefore calmed fears about possible major disruption of supplies in the energy markets ,” – wrote analysts ANZ Research.

By 10.40 GMT, Brent futures rose 24 cents to $ 106.48 a barrel , after falling $ 1.97 to $ 106.24 per barrel. Futures on U.S. light crude fell 10 cents to $ 97.98 after falling 81 cents to $ 98.08 a barrel.

As voting in the Crimea , apparently , will not lead to disorder , attention has shifted to oil markets excess world oil supply and demand outlook .

Oil prices have also suffered because of the forecast growth in U.S. oil inventories last week. According to a preliminary survey of analysts, oil reserves increased by 2.8 million barrels .

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