Crude Oil Tops $104 On Ukraine Crisis, Data

(RTTNews) - U.S. crude oil ended at a six-week high on Monday, on some positive macroeconomic data from the U.S. with retail sales rising more than anticipated, even as the Ukraine crisis escalated. The possibilities of supply disruptions from Russia remained large amid continued unrest in Ukraine, with likelihood of more U.S. sanctions on Russia.

In east Ukraine, pro-Russian activists took control of another official building, largely ignoring the Monday deadline for pro-Russian factions to leave peacefully or face eviction by security forces. Activists took barged into building and took control of a police station in Horlivka, further challenging the Ukraine government.

In economic news from the U.S., retail sales rose more than expected in March with buyers heading back to stores after the unusually rough winter, a Commerce Department release showed Monday.

Light Sweet Crude Oil futures for May delivery, the most actively traded contract, gained $0.31 or 0.3 percent to close at $104.05 a barrel on the New York Mercantile Exchange Monday.

Crude prices for May delivery scaled a high of $104.55 a barrel intraday and a low of $103.34.

Last week, crude oil futures for May gained 2.6 percent, as a weaker dollar and positive macroeconomic data from the U.S. outweighed some weak economic data from China and a rise in U.S. crude stockpiles. A likely delay in the reopening of Libyan ports contributed as well to oil's rise last week.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.73 on Monday, up from its previous close of 79.49 late Friday in North American trade. The dollar scaled a high of 79.83 intraday and a low of 79.56.

The euro traded lower against the dollar at $1.3825 on Monday, as compared to its previous close of $1.3843 late Friday in North America. The euro scaled a high of $1.3862 intraday and a low of $1.3810.

In economic news from the U.S., retail sales jumped 1.1 percent in March after climbing by an upwardly revised 0.7 percent in February. Economists expected sales to increase by about 0.9 percent compared to the 0.3 percent increase originally reported in the previous month.

Separately, a Commerce Department report showed business inventories in the U.S. rose 0.4 percent in February. Economists expected inventories to increase by about 0.6 percent. Nonetheless, business sales indicated a notable 0.8 percent increase in February after tumbling 1.1 percent in the previous month. Inventories at merchant wholesalers also increased by 0.5 percent in February after climbing 0.8 percent in the previous month.

Meanwhile, eurozone industrial production expanded moderately in February underscoring the fragile nature of recovery in the currency bloc during the first quarter. Industrial production grew 0.2 percent month-on-month in February, reflecting improvement in non-durable consumer goods and intermediate goods sectors, Eurostat said Monday. This was the first rise in production in three months and matched economists' expectations.