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Crude price falls despite rising Russia tension over Crimea

The EU has imposed travel bans and asset freezes against Russian and Ukrainian officials

Crude prices fell in mid-March despite rising geopolitical tensions between Russia and the west over Crimea. The oil market’s reaction to the European Union (EU) and US decisions on 17 March  to impose travel bans and asset freezes against a number of Russian and Ukrainian officials was muted. Brent and WTI were trading around $106 per barrel (/b) and $98/b on 18 March, both down by over $1/b day-on-day. President Vladimir Putin said Crimea will join the Russian Federation after a referendum on 16 March which saw almost 97% of voters opt to secede from Ukraine. The US and EU have condemned the vote, which Russia says was legal. There are fears Europe may pay higher gas prices and face suppl

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