Crude Oil Ends Higher On Ukraine, Libya

(RTTNews) - U.S. crude oil ended higher for a second straight session Monday, on worries over possible supply disruptions from Russia amid the escalating tensions in eastern Ukraine. Investors also mulled over the Libyan crude oil supply scenario after a deadly attack on the country's parliament amid fierce clashes.

Fierce fighting has been reported in eastern Ukraine, even as Russian President Vladimir Putin ordered his troops deployed along the border with Ukraine back to their home stations. Nevertheless, NATO Chief Anders Fogh Rasmussen said there was no evidence of any pull back of Russian troops along the border with Ukraine, which has also been confirmed by the U.S.

The restart of oil shipments from Libya could be indefinitely delayed after a militia group attacked the Libyan Parliament that left at least two killed and several others injured. Nonetheless, the government indicated being in full control despite the weekend attacks and clashes. Libya has been in a state of anarchy ever since Muammar Gaddafi was overthrown in a violent struggle in 2011.

Light Sweet Crude Oil futures for June delivery, gained $0.59 or 0.6 percent to close at $102.61 a barrel on the New York Mercantile Exchange Monday.

Light Sweet Crude Oil futures for July delivery, the most actively traded contract, gained $0.53 or 0.5 percent to close at $102.11 a barrel on the New York Mercantile Exchange Monday.

Crude prices for July delivery scaled a high of $102.49 a barrel intraday and a low of $101.52.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.98 on Monday, down from its previous close of 80.06 late Friday in North American trade. The dollar scaled a high of 80.04 intraday and a low of 79.88.

The euro traded higher against the dollar at $1.3715 on Monday, as compared to its previous close of $1.3693 late Friday in North America. The euro scaled a high of $1.3734 intraday and a low of $1.3696.

In economic news, Germany's economic growth is expected to slow in months ahead after mild weather boosted expansion in the first quarter, the Bundesbank said in its monthly report on Monday. The economic upturn will be driven by domestic growth in the second quarter, while contribution from abroad will be moderate.

Elsewhere in Europe, Bank of England Governor Mark Carney said the housing market has "deep deep" problems and represents the biggest risk to the economy. In an interview with Sky News, Carney said insufficient number of houses is the issue around the housing market.

Meanwhile, investors look ahead to some crucial economic reports, including the U.S. housing data for April and the minutes of the Federal Open Market Committee's April meeting.

The U.S. jobless claims report, the flash estimate of Markit's U.S. manufacturing purchasing managers' index for May, the Conference Board's leading economic indicators index for April, and a couple of regional Federal Reserves' manufacturing activity readings.

Investors will also await comments from several Fed officials during the week, including one from Federal Reserve Chair Janet Yellen.