Investing.com - Investing.com - Oil prices shot up on Wednesday after the U.S. said it would join its European allies and slapped fresh sanctions on Russia on accusation of meddling in the Ukraine conflict, which stoked fears a ceasefire could end and allow fighting to disrupt crude supply.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 1.39% at $92.95 a barrel during U.S. trading. New York-traded oil futures hit a session low of $90.46 a barrel and a high of $92.98 a barrel.
The October contract settled down 1.16% at $91.67 a barrel on Wednesday.
Nymex oil futures were likely to find support at $90.46 a barrel, the session low, and resistance at $93.94 a barrel, Tuesday's high.
U.S. President Barack Obama said earlier Washington will join the European Union and slap fresh sanctions on Russia, accusing it of meddling in neighbor Ukraine's internal conflict.
Sanctions will target Russia's financial, energy, and defense sectors and will take effect on Friday, when further details will be released.
The move, which stoked fears of conflict-related supply disruptions from Russia if the move ends a ceasefire, offset bearish data.
Earlier Thursday, the International Energy Agency lowered its forecast for oil demand growth this year for the third month in a row, calling the recent slowdown in demand 'nothing short of remarkable.'
The agency said it expects global oil demand to grow by 900,000 barrels a day in 2014, a decrease of 65,000 barrels a day compared with last month's forecast and down by 300,000 barrels a day since July.
Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were up 0.12% at US$98.16 a barrel, while the spread between Brent and U.S. crude contracts stood at US$5.21 a barrel.
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