AFP, Singapore :
Oil prices rose in Asia Monday on increased geopolitical tensions, as the United States hinted at fresh sanctions against Moscow after Crimea voted in a referendum to break away from Ukraine and join Russia.
The United States strongly rejected the vote on Sunday, saying it violated Ukraine’s constitution and was carried out “under duress of Russian military intervention”.
New York’s main contract, West Texas Intermediate for April delivery, was up 25 cents to $99.14 in afternoon trade, and Brent North Sea crude for May gained seven cents to $108.28.
Tan Chee Tat, an investment analyst at Phillip Futures in Singapore, said US-led Western powers were likely to impose additional sanctions on Russia, which is seen as having orchestrated Crimea’s breakaway after a pro-Western government took over in Kiev.
A White House statement said the referendum “would never be recognised by the United States and the international community”.
President Barack Obama warned that the United States and its European partners “are prepared to impose additional costs on Russia for its actions”.
