Crude oil futures boosted by Ukraine tensions

A A A - - 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 barrel.

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 region.

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. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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