Crude oil prices moved higher on Monday (Tuesday morning GMT ) , as investors continue to be wary of rising tensions between Russia and Ukraine as well as the prospect of the resumption of Libyan oil exports .
Harg light sweet crude or West Texas Intermediate ( WTI ) for delivery in May at the end of trading session on the New York Mercantile Exchange be 104.05 U.S. dollars per barrel , up 31 cents from Friday's close .
Brent North Sea crude for delivery in May rose 1.74 dollars to settle at 109.07 dollars a barrel in London trade .
WTI futures contracts traded in a narrow band around the U.S. dollar , said James Williams of WTRG Economics .
"Investors are hesitant given the uncertainty about the situation of Ukraine and about when and how much of the Libyan production will return to the market , " said Williams .
Tensions rise in Ukraine . Russia " annexed : Crimea region of Ukraine in the last month .
" Rising tensions in eastern Ukraine and Russia support the rising prices of Brent and WTI , " said CMC Markets analyst Desmond Chua told AFP .
Russia called for an emergency meeting of the UN Security Council on Sunday after security forces clashed with armed groups in the Ukrainian pro - Russian eastern city Slovyansk .
Russia produces more than 10 million barrels of crude oil per day in January , and is the second largest natural gas producer . More than 70 percent of exports of crude oil and Russian gas to Europe via Ukraine .
Uncertainty Ukraine made a great threat to the oil market . Traders said that the possibility of supply of crude oil and Russian natural gas through Ukraine could make a rise in oil prices , especially Brent crude .
Traders are worried that any full-scale armed conflict will disrupt supply and send prices soaring oil and gas .
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