Investing.com - New York-traded crude oil futures ended higher on Friday, as investors continued to monitor developments in the Ukraine-Russia conflict amid concerns over a disruption to supplies.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May rose to a session high of $100.25 a barrel on Friday, the most since March 11.
Crude oil settled 0.57% higher, or 56 cents, to end the week at $99.46 a barrel.
Futures were likely to find support at $98.09 a barrel, the low from March 20 and resistance at $100.25 a barrel, the high from March 21.
Nymex oil futures ended the week with a gain of 0.57%, or 57 cents, on speculation over the fallout from the Ukraine crisis and amid indications the U.S. economy is improving.
Investors continued to monitor events in Ukraine, where tension over moves by neighboring Russia in the Crimean region have underpinned prices.
The political standoff between the West and Russia following the annexation of Crimea escalated after the U.S. imposed harsher sanctions on Moscow. The European Union also agreed to wider sanctions against Russia.
Meanwhile, the Federal Reserve reduced its monthly bond purchases by an additional $10 billion to $55 billion at the conclusion of its two-day policy meeting on Wednesday, citing “underlying strength in the broader economy.”
Fed Chair Janet Yellen indicated that the central bank could begin to raise interest rates about six months after its bond-buying program winds up, which is expected to happen this fall.
The comments prompted investors to bring forward expectations for a rate hike to as soon as March of next year.
In the coming week, investors will be looking ahead to U.S. data from the housing sector, as well as reports on consumer confidence and durable goods to further gauge the strength of the economy.
Attention will also turn to the release of HSBC's March China Purchasing Managers' Index for manufacturing, due Monday.
The U.S. and China are the world’s two largest oil consuming nations.
Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers reduced their bullish bets in New York-traded oil futures in the week ending March 18.
Net longs totaled 302,320 contracts, down 7.85% from net longs of 328,095 in the preceding week.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for May delivery added 0.44%, or 47 cents, on Friday to settle the week at $106.92 a barrel.
Despite Friday’s gains, the May Brent contract declined 1.19%, or $1.29, on the week. Meanwhile, the spread between the Brent and the WTI crude contracts stood at $7.46 a barrel by close of trade on Friday.