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Oil at seven-year high as Ukraine crisis overshadows Federal Reserve

Oil yesterday extended gains to seven-year highs as the Ukraine crisis outweighed signs that the U.S. Federal Reserve will tighten monetary policy. Brent crude prices rose around one percent to trade above 90 dollars per barrel.

In intra-day trade, Brent crude was trading around 90 dollars and 70 cents per barrel while WTI crude prices were at 88 dollars and 10 cents per barrel.

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