ZOID RESEARCH 30-JULY-2014 : CRUDE OIL

WTI crude oil prices declined by around 0.7 percent while Brent crude oil gained by 0.3 percent as new sanctions on Russia looked set to worsen relations between Moscow and the West, while U.S. prices slipped after a Kansas refinery fire curbed demand for WTI crude. However many traders remained dubious over whether the sanctions would have a major impact on immediate supplies.Putting further pressure on Russia, U.S. President Barack Obama said in an official statement on Tuesday afternoon that the United States has expanded sanctions to include energy, defense and finance sectors of the Russian economy.

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