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Oil surges on news of Ukraine attack on Russian convoy

Pump jacks are seen at dawn in an oil field on March 24, 2014 near Lost Hills, CaliforniaOil prices rebounded Friday amid mounting Ukraine geopolitical tensions after Kiev said Ukrainian forces had destroyed part of a Russian military convoy that entered its territory. US benchmark West Texas Intermediate for delivery in September, which had lost more than $2 Thursday, advanced $1.77 to close at $97.35 a barrel on the New York Mercantile Exchange. The announcement by Ukrainian President Petro Poroshenko that government artillery had destroyed a “considerable part” of the convoy late Thursday after it crossed into Ukraine rattled markets. “When we saw the headlines about Ukraine attacking this convoy, it made the market nervous about a Russian invasion that can lead to other conflicts,” said Andy Lipow, an independent analyst.

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