Investing.com - U.S. oil futures traded above the $100-a-barrel
level on Monday, after results of Sunday's referendum showed 89% of
voters in the eastern Ukrainian city of Donetsk voted in favor of
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in June rose 0.25%, or 24 cents, to trade at
$100.24 a barrel during European morning hours.
Nymex oil held in a range between $99.94 and $100.33 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.
Investors remained cautious after 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.
Meanwhile, oil traders looked ahead to a raft of Chinese
economic data scheduled for Tuesday, including reports on
industrial production and retail sales.
The Asian nation is the world's second largest oil consumer
after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for
July delivery added 0.23%, or 24 cents, to trade at $107.74 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at $7.50 a barrel.
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