Investing.com - Crude oil futures edged lower on Monday, as investors focused on the geopolitical situation in Eastern Europe and in the Middle East.
On the New York Mercantile Exchange, U.S. crude oil for delivery in September shed 0.4%, or 41 cents, to trade at $101.55 a barrel during European morning hours.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery dipped 0.27%, or 29 cents, to trade at $106.95 a barrel.
Meanwhile the spread between the Brent and the WTI crude contracts stood at $5.40 a barrel.
Investors remained cautious following the shooting down of a Malaysian airliner in eastern Ukraine late last week, with the U.S. blaming pro-Russian separatists for the act.
U.S. Secretary of State John Kerry said Sunday that there was overwhelming evidence of Russian complicity in the downing of the airliner.
Western leaders from the U.K., France and Germany have warned Russian President Vladimir Putin of increased sanctions by Tuesday if international investigators are not allowed full access to the crash site.
Russia is one of the world's top producers and exporters of oil and gas.
Meanwhile, the conflict in Gaza also remained in focus. On Monday, some 100 Palestinians and 13 Israeli soldiers had been killed in a nearly two-week military offensive in the Gaza strip.
Despite heavy casualties, Israeli Prime Minister Benjamin Netanyahu warned on Sunday that military operations against Hamas militants could be expanded.
Market participants are worried that a flare up in the conflict could draw in neighboring countries and affect oil supplies.