Investing.com - Crude futures rose on Monday amid fresh concerns that geopolitical tensions in Ukraine and in Gaza will disrupt global supply.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded up 0.37% at $102.33 a barrel during U.S. trading. New York-traded oil futures hit a session low of $101.49 a barrel and a high of $102.46 a barrel.
The September contract settled down 0.24% at $101.95 a barrel on Friday.
Nymex oil futures were likely to find support at $99.60 a barrel, Wednesday's low, and resistance at $102.98 a barrel, Friday's high.
Concerns that tensions in Ukraine will escalate and threaten Russian oil exports sent crude prices rising on Monday as did fears that Israel's ground offensive in Gaza may embroil the broader Middle East.
Reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airline flight with a missile fueled geopolitical concerns on Monday, bolstering crude prices in the process.
Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.
Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.
President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose such evidence.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for September delivery were down 0.13% and trading at US$107.11 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$4.78 a barrel.