Investing.com - Crude oil futures were higher on Monday, after U.S. President Barack Obama announced fresh sanctions against Russia as tensions over Ukraine intensify. The new U.S. sanctions will be outlined in detail later in the day.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in June rose to a session high of $101.52 a barrel.
Nymex oil last traded at $101.26 a barrel during U.S. morning hours, up 0.66%, or 66 cents. Prices fell to $100.49 a barrel on Friday, the lowest since April 7, before settling at $100.60, down 1.31%, or $1.34.
Futures were likely to find support at $100.60 a barrel, the low from April 25 and resistance at $102.05 a barrel, the high from April 25.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for June delivery eased up 0.04%, or 4 cents, to trade at $109.63 a barrel, while the spread between the Brent and U.S. crude contracts stood at $8.37 a barrel.
Investors continued to monitor events in Ukraine, as hostilities between Kiev and Moscow escalated over the weekend after pro-Russian rebels in east Ukraine took eight European military inspectors hostage.
In response, the U.S. and the European Union said they will step up sanctions against Moscow, underlining concerns over a disruption to global supplies.
Russia is the world’s second largest oil exporter after Saudi Arabia.
Meanwhile, investors looked ahead to a series of key economic events later in the week for further indications on the strength of the U.S. economy and the future course of monetary policy.
Market participants were looking ahead to the Federal Reserve’s monetary policy statement due on Wednesday. The central bank is likely to stick to its timetable to trim its monthly bond purchases by another $10 billion.
Traders were also focusing on Friday’s U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing.