WTI Reaches Seven-Week High on Ukraine, U.S. Economy Data

West Texas Intermediate and Brent crudes rose to seven-week highs as tension escalated between Ukraine and Russia and the U.S. economic expansion showed signs of strengthening.

WTI settled at the second-highest level of 2014 as shootouts in eastern Ukraine led to renewed calls in the U.S. for sanctions against Russia, the world’s biggest energy-producing nation. The Conference Board’s index of leading economic indicators, a gauge of the American outlook for the next three to six months, rose 0.8 percent, the New York-based group said today. A report last week showed initial U.S. jobless claims near a seven-year low.