Oil market gains ground

World oil prices inched higher in subdued trade today, gaining support from lingering concerns over tensions in Ukraine and Libya, and impressive economic growth in Germany.
The US benchmark, West Texas Intermediate (WTI) for delivery in July, added 12 cents to USD 103.86 a barrel.
Brent North Sea crude for July gained four cents to stand at USD 110.40 a barrel in London afternoon trading.
"Brent front month futures held fairly steady above USD 110... And are set for a second consecutive week of gains, mainly supported by ongoing tensions in Libya and Ukraine, and solid German GDP data," said analyst Myrto Sokou at the Sucden brokerage in London.

She added that traders were eagerly awaiting the outcome of this week's elections in both crisis-hit Ukraine, and across Europe.
"We expect further consolidation and sideways trading activity in the oil market today as risk appetite remains limited and investors could be cautious ahead of the Ukrainian and European election results."

Russian President Vladimir Putin warned today that the crisis in Ukraine had evolved into a full-scale civil war, blaming Washington for backing the overthrow of former president Viktor Yanukovych.
At least five people were killed today in fighting near Ukraine's eastern hub of Donetsk two days before a presidential election undermined by an upsurge in attacks by pro-Russian separatists.

The latest bloodshed on the heels of the deaths of 18 soldiers yesterday in the eastern rustbelt near Russia underscores the trouble the interim leaders have in making sure they can pull off a safe and well-attended vote Sunday.