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The last six months have seen Brent crude remain between $112 and $104 a barrel, and has only fleetingly been able to challenge either end of that range.
The unrest in the Ukraine has affected confidence levels around Europe, as the battle for control appears to be divided between old school leanings towards Russia, and a more modern approach in joining the EU. If this situation were to escalate, it is not instantly clear if the west would be able, or willing, to intervene directly. As such, the price has not been panicked into moving higher.
As my colleague Peter Martin stated, oil refineries in the US have been working at 88% capacity. This is the highest rate in almost a month, but still not enough to cover the increased demand. Oil inventories were tapped into and declined by 2.81 million barrels, which was far in excess of the anticipated 1.25 million barrels.