Oil rises as Ukraine issue escalates

NEW YORK: Oil prices reversed earlier losses on Wednesday, rising on reports that Ukraine's government, foreign ministry and state security service were affected by a cyberattack.

Brent crude was up $1.48, or 1.5 percent, to $98.32 a barrel at 10:38 a.m. EDT (1538 GMT), after hitting $99.50 on Tuesday, the highest since September 2014.

US West Texas Intermediate crude futures rose $1.58, or 1.7 percent, to $93.47 a barrel, after reaching $96 on Tuesday.

US stocks slipped on Wednesday after giving up all of the opening gains as reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia.

Ukraine declared a state of emergency on Wednesday and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy in the latest ominous signs for Ukrainians who fear an all-out Russian military onslaught.

Prices also rose on Tuesday on fears that sanctions imposed by Western nations on Russia, after it sent troops into two breakaway regions in eastern Ukraine, could hit energy supplies.

Sanctions imposed by the United States, the European Union, Britain, Australia, Canada and Japan were focused on Russian banks and elites, while Germany halted certification of a gas pipeline from Russia.