Investing.com - U.S. oil futures eased off the previous session’s five-week high on Monday, after the Ukrainian elections passed without serious incident, easing concerns over a disruption to supplies from the region.
Trade volumes were expected to remain light with U.K. markets closed for a public holiday and markets in the U.S. remaining shut for the Memorial Day holiday.
On the New York Mercantile Exchange, U.S. crude oil for delivery in July shed 0.28%, or 29 cents, to trade at $104.06 a barrel during European morning hours.
Nymex oil held in a range between $103.93 and $104.33 a barrel. U.S. oil futures rose to $104.50 a barrel on Friday, the most since April 21, before settling at $104.35, up 0.59%, or 61 cents.
New York-traded oil futures were likely to find support at $102.78 a barrel, the low from May 21 and resistance at $104.50 a barrel, the high from May 23.
There will be no floor trading on the Nymex on Monday because of the Memorial Day holiday. All electronic transactions will be booked with May 27 trades for settlement.
Exit polls showed a decisive victory for Pro-European candidate Petro Poroshenko in presidential elections held over the weekend in Ukraine.
Poroshenko promised to restore order in the country, following months of fighting between pro-Russian forces and the government.
Russian President Vladimir Putin had pledged on Friday to respect the result of Sunday''s elections. The U.S and its allies warned that they would tighten sanctions against Moscow if voting was disrupted.
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 dipped 0.52%, or 58 cents, to trade at $109.96 a barrel, while the spread between the Brent and U.S. crude contracts stood at $5.90 a barrel.