Brent crude oil futures rose on Tuesday on renewed geopolitical risk over Russia and supply disruptions in Nigeria and Libya, while U.S. crude was pressured by a stronger U.S. dollar.
Major industrialized nations warned Moscow of tougher economic sanctions Monday if it goes beyond the seizure of Crimea. On Tuesday, U.S. President Barack Obama said in a speech at The Hague that Russia's annexation of the Black Sea region was not a "done deal" because the international community would not recognize it.
Brent crude rose 20 cents to over $107. U.S. crude rose as much as 77 cents immediately following Obama's speech, but reversed gains as the U.S. dollar strengthened. The U.S. contract ended down 41 cents at $99.19 per barrel.