The price of oil fell 2 percent to settle just above $102 a barrel Tuesday as investors weighed expectations of rising U.S. crude stockpiles against tensions in Ukraine.
U.S. crude for May delivery dipped $2.24 a barrel to settle at $102.13 in electronic trading on the New York Mercantile Exchange. On Monday, oil added 7 cents to close at $104.37.
Brent crude, an international benchmark for oil, eased 68 cents to $109.27 on the ICE Futures exchange in London.
Markets remain wary that possible new European or U.S. sanctions may disrupt Russian oil and gas exports. Pro-Russian insurgents in eastern Ukraine have occupied government buildings and set up checkpoints in demand of closer ties with Russia.
On Tuesday, U.S. Vice President Joe Biden was in Kiev, the capital of Ukraine, and called on Russia to work toward reducing tensions in the region.
In other energy futures trading in New York:
- Wholesale gasoline was flat at $3.10 a gallon.
- May heating oil lost 1 cent to $3 a gallon.
- Natural gas for May rose 4 cents to $4.74 per thousand cubic feet.