U.S. oil futures trade above $100 a barrel on Ukraine uncertainty

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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 self-rule.

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 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.

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 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.

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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