Investing.com - Crude oil futures fell during early European trading hours on Tuesday, as investors hoped that a diplomatic solution could be found to solve the current Ukrainian crisis, while markets also eyed the release of U.S. data later in the day.
On the New York Mercantile Exchange, crude oil futures for delivery in May traded at $103.29 a barrel during European morning trade, down 0.72%.
The May contract settled up 0.30% on Monday to end at $104.05 a barrel.
Oil futures were likely to find support at $102.05 a barrel, the low from April 9 and resistance at $104.55 a barrel, Monday's high,
Market participants were eyeing a meeting scheduled on Thursday in Geneva, with hopes it will bring a political resolution to the escalating crisis in Ukraine.
The U.S. and the European Union said that they are considering further sanctions against Moscow after pro-Russian separatists on Monday ignored an ultimatum to leave occupied government buildings in eastern Ukraine.
Meanwhile, traders were also awaiting the release of U.S. economic data later in the trading session, after a report on Monday showed 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, more than the expected 0.5% increase, after a 0.3% gain in February.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery slipped 0.10% to trade at $108.82 a barrel, with the spread between the Brent and crude contracts standing at $5.53 a barrel.