(Bloomberg) -- Oil climbed on a worsening geopolitical situation in Europe after the Kremlin said separatist leaders in eastern Ukraine called on Russian President Vladimir Putin for help fighting Ukrainian forces.
April futures in New York advanced 0.8%, extending Wednesday’s 0.2% gain. The two self-proclaimed republics sought “help in repelling the military aggression of the Kyiv regime,” according to texts published by state-run Tass. They cited articles of the treaties Putin signed with the separatist leaders on Monday that include taking “all available measures” to counter threats to peace.
Crude had swung throughout Wednesday’s session, slipping after market hours on news that the U.S. is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s tensions with Ukraine.
Traders are also weighing a potential conclusion to nuclear talks with Iran, which could add supply, and stricter sanctions that included the U.S. targeting the builder of the Nord Stream 2 gas pipeline from Russia to Germany.
Putin has sustained a large troop buildup on the Ukraine border, with the U.S. estimating around 150,000 soldiers are in the area, plus significant military equipment. The Russian president has rejected U.S. allegations he intends to invade.
Earlier, Ukraine said several government and bank websites are not functioning due to a distributed denial-of-service attack government. Last week, Ukraine said it suffered its worst DDoS attack in its history.
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