WSJ: Oil Prices Continue to Shrug Off Geopolitical Tensions

Brent crude oil prices were slightly up Tuesday morning and U.S. oil was almost unmoved as traders shrugged off the likelihood of increased sanctions against Russia.

Europe is Russia's largest trading partner, and it is expected to target transactions with Russia's state banks, as well as limit technology exports vital for the country's oil and weapons industries, in response to the Kremlin's interference in Ukraine. The U.S. has said it would take a similar path.

"The oil market still appears determined to ignore the numerous sources of geopolitical tension," wrote analysts at Commerzbank in a note to clients. "One explanation of the puzzling weakness of oil prices could be concerns about the negative economic impact of sanctions against Russia."
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