Investing.com - Crude oil futures were higher on Monday, as concerns over a disruption to supplies from Russia and Libya supported prices.
On the New York Mercantile Exchange, U.S. crude oil for delivery in July advanced 0.53%, or 54 cents, to trade at $102.12 a barrel during European morning hours.
Nymex oil rose to a session high of $102.27 a barrel earlier, the most since April 24. U.S. oil futures ended Friday’s session up 0.44%, or 45 cents, to settle at $101.58 a barrel.
New York-traded oil futures were likely to find support at $100.97 a barrel, the low from May 16 and resistance at $102.34 a barrel, the high from April 24.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery picked up 0.41%, or 45 cents, to trade at $110.20 a barrel, while the spread between the Brent and U.S. crude contracts stood at $8.08 a barrel.
Heightened tensions between Russia and Ukraine remained in focus, amid concerns over a disruption to supplies from the region.
The conflict between pro-Russian separatists and Ukrainian forces continued on over the weekend, stoking fears that the crisis will further develop and drag the U.S. deeper into the standoff.
U.S. and European officials warned over the weekend that Russia would have to face additional sanctions if Moscow disrupts the upcoming presidential elections in Ukraine on May 25.
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, renewed concerns over Libya''s oil output further supported prices, following some of the worst violence the country has seen since the 2011 war against Muammar Qaddafi.
Libya, an OPEC member, is home to Africa’s largest oil reserves, but production there has faltered in the three years following the topple of former leader Qaddafi due to political instability and attacks on oil assets.