Business

Oil price falls as Ukraine tensions ease

NEW YORK — The price of oil fell almost 2 percent Wednesday as tensions in the Ukraine continued to ebb and the US government reported higher supplies of domestic oil.

Crude oil for April delivery dropped $1.88, or 1.8 percent, to close at $101.45 a barrel on the New York Mercantile Exchange.

Advertisement

Diplomats from Russia and Western nations were working to find a resolution to the Ukraine crisis.

Oil prices had fluctuated sharply as investors feared Russian exports could be affected by sanctions or that shipments from the Black Sea region could be disrupted.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

The Energy Department said supplies of oil rose by 1.4 million barrels last week.

Also, demand for gasoline and distillate fuels, including diesel and heating oil, fell over the past four weeks, compared with a year earlier.

In other energy futures trading:

Advertisement

 Wholesale gasoline lost 5 cents to $2.94 per gallon.

 Heating oil fell 5 cents to $2.99 per gallon.

 Natural gas retreated 14 cents to $4.52 per 1,000 cubic feet.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com