Summary Oil prices traded mixed Thursday amid renewed tension between Ukraine and Russia.
NEW YORK (AFP) - Oil prices traded mixed Thursday amid renewed tension between Ukraine and Russia and a batch of encouraging US economic reports.
The main US contract, West Texas Intermediate (WTI) crude for October delivery, climbed for the third day in a row, adding 67 cents at $94.55 a barrel.
Brent North Sea crude for October fell 26 cents to $102.46 a barrel.
The WTI contract was lifted by stronger-than-expected US economic growth data for the second quarter that raised hopes for stronger demand in the world's largest oil consumer.
The economy of the world's largest oil consumer expanded at an annual rate of 4.2 percent, the Commerce Department said, revising upward its July estimate of 4.0 percent.
The numbers were "very supportive" of WTI, said Bob Yawger of Mizuho Securities USA.
Analysts, who had expected a downward revision to second-quarter gross domestic product, said the latest data, coupled with recent positive monthly data, pointed to better growth in the rest of the year.
Meanwhile, rising fears about the Ukraine crisis hung over markets.
The Ukraine and the West said Thursday that Russian troops were actively involved supporting pro-Kremlin separatists who have been fighting against Kiev's rule since April.
NATO said at least 1,000 Russian troops were on the ground in Ukraine. Moscow insisted none of its soldiers were on Ukrainian soil.
The United States warned it was considering new sanctions against Russia over its involvement in the latest fighting in Ukraine.
"Talks between Russia and Ukraine have gone nowhere and there is growing concern that a deal to keep natural gas flowing to Europe this winter may not happen," said Phil Flynn of Price Futures Group.
"Reports that the separatist forces in eastern Ukraine are being supported by Russian tanks and armored personnel carriers leaves little hope that a peaceful resolution of this crisis is anywhere in sight."
