Investing.com - Oil prices slid on Tuesday amid market expectations for Libyan ports to resume shipments and increase global supply, through reports of military clashes in eastern Ukraine cushioned losses.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $103.80 a barrel during U.S. trading, down 0.24%. New York-traded oil futures hit a session low of $102.95 a barrel and a high of $104.04 a barrel.
The May contract settled up 0.30% at $104.05 a barrel on Monday.
Nymex oil futures were likely to find support at $98.87 a barrel, the low from April 2, and resistance at $104.55 a barrel, Monday's high.
Oil prices slid on reports that despite recent delays, crude shipments will resume from key Libyan ports.
Earlier this month Libyan 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.
News that that the Hariga terminal is in the process of resuming operations softened demand for crude.
Separately, reports that Ukraine has launched special military operations in eastern Ukraine against separatists supported prices, as escalating tensions could disrupt Russian oil operations.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery were up 0.31%, trading at US$109.41 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$5.61 a barrel.