The Russia-Ukraine tensions may also affect the volumes of Russian crude being bought by Asia refiners. (File pic shows oil drilling Russia.)
AS paper crude oil heads towards US$100 (RM419) a barrel amid tensions between Russia and Ukraine, the physical markets in the top-importing region of Asia are changing their mix of suppliers to reflect widening differences in how various crudes are priced.
Brent crude futures ended at US$95.85 (RM401) a barrel on Monday. They climbed 1.5% from the previous close to reach the highest since September 2014, rising as the threat of a Russian invasion of neighbouring Ukraine drowns out any other potential price drivers.
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