Oil declined today but stayed above $102 per barrel amid unrest in eastern Ukraine and the possibility of lower U.S. production.
Benchmark U.S. crude oil for May delivery was down 44 cents to $102.12 in overnight electronic trading on the New York Mercantile Exchange. The contract gained $2.12 to $102.56 on Tuesday.
Brent crude, used to set prices for international oil varieties, shed 26 cents to $107.37 on the ICE exchange in London.
Traders are uneasy about possible disruption of supplies due to conflict in eastern Ukraine and possible European sanctions on Russia.
Pro-Russian separatists have seized government buildings in several cities in Ukraine’s east in the aftermath of Russia’s annexation of Crimea.
Also this week, the U.S. Energy Department lowered its 2014 crude production forecast to 8.37 million barrels a day from 8.39 million barrels.
In other energy futures trading in New York:
— Wholesale gasoline shed 0.2 cent to $2.978 a gallon.
— Natural gas fell 1.1 cents to $4.523 per 1,000 cubic feet.
— Heating oil slipped 0.2 cent to $2.932 a gallon.