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OIL COLUMN - Crude futures start week on back foot

Last updated: 01:56 18 Mar 2014 AEDT, First published: 02:56 18 Mar 2014 AEDT

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Oil prices tumbled at the start of the week, as risk premiums were withdrawn and the market sizes up what may come next in the crises over Crimea.

The landslide result of the referendum, which saw 97% vote in favour, points to a possible easing of geopolitical concerns.

The vote passed without violence and outcome was largely expected.

Some now believe that subsequent international sanctions which have yet to come, may be on the lenient side.

As the diplomatic posturing has paused and tensions apparently eased, oil prices stepped back also.

In London trading, Brent crude futures were down around US$1.45 per barrel at US$106.65 whilst West Texas Intermediary crude was just over US$1 lower changing hands at US$97.75 per barrel.

This pull back came even as America’s factories had their best month for half a year also lifted spirits in New York. US manufacturing output grew by a larger than expected margin for the month of February, increasing 0.8%.

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