Investing.com - Crude oil futures were higher on Monday, amid
prospects Russia will be subject to new sanctions as tensions over
Ukraine intensify, underlining concerns over a disruption to
supplies from the region.
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in June rose 0.77%, or 77 cents, to trade at
$100.75 a barrel during U.S. morning hours.
Nymex oil held in a range between $99.94 and $100.89 a barrel.
Futures shed 0.27%, or 27 cents, on Friday to settle at $99.99 a
New York-traded oil futures were likely to find support at
$99.32 a barrel, the low from May 6 and resistance at $101.18 a
barrel, the high from May 9.
Pro-Russian separatists claimed victory in a weekend referendum
on self-rule in the eastern Ukrainian city of Donetsk, fuelling
fears that the country is sliding closer to civil war.
The vote has been condemned by Ukraine's government and the
West, which has threatened to hit Russia with fresh sanctions,
underlining concerns over a disruption to supplies from the
Russia produced 10.4 million barrels of oil per day in 2012 and
exported 7.4 million, making it the world's second largest oil
exporter after Saudi Arabia.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for
July delivery added 0.23%, or 25 cents, to trade at $107.74 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at $6.99 a barrel.
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