Investing.com - Oil prices rose on Monday after data revealed U.S. retail sales beat expectations last month, while fears the Russian standoff over Ukraine may disrupt supply also pushed prices higher.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $104.03 a barrel during U.S. trading, up 0.28%. New York-traded oil futures hit a session low of $103.36 a barrel and a high of $104.55 a barrel.
The May contract settled up 0.33% at $103.74 a barrel on Friday.
Nymex oil futures were likely to find support at $103.32 a barrel, Friday's low, and resistance at $105.22 a barrel, the high from March 3.
The Commerce Department reported earlier that U.S. retail sales rose 1.1% in March, exceeding expectations for a 0.8% gain. Retail sales in February were revised up to a 0.7% increase from a previously estimated 0.3% rise.
Core retail sales, which exclude automobiles, rose 0.7% last month, beating expectations for a 0.5% reading, after a 0.3% gain in February
Consumer demand drives the bulk of U.S. economic output, and the numbers fueled expectations for a more robust U.S. economy to demand more fuel and energy going forward.
Elsewhere in the U.S., data revealed U.S. business inventories rose less than expected.
In a report, Census Bureau reported earlier that U.S. business inventories rose 0.4% in February from 0.4% in the preceding month.
Analysts were expecting a 0.5% reading in February.
Geopolitical concerns gave oil a boost as well.
Tensions between Russia and Ukraine mounted after a deadline set by Ukraine for pro-Russian separatists to exit government buildings they are occupying in the eastern reaches of the country expired on Monday.
The U.S. has indicated that it is prepared to impose more sanctions against Moscow if Russian encroachments in eastern Ukraine continue. Russia is the world’s biggest energy exporter.
Oil prices received further support following delays in resuming oil exports from Libya.
Earlier this month government officials and rebels reached an agreement to re-open Zueitina and Hariga ports, but the country’s two largest ports of Ras Lanuf and Es-Sider remain closed.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery were up 1.38%, trading at US$108.88 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$4.85 a barrel.