Oil prices gain ground amid Ukraine caution

Global oil prices rose today, supported by rising world stock markets and the weaker dollar, but caution persisted over the ongoing Ukraine crisis, dealers said.
New York's West Texas Intermediate for delivery in June climbed 53 cents to USD 101.37 a barrel.
Brent North Sea crude for June advanced 97 cents to stand at USD 109.09 a barrel in London late afternoon deals.
"Crude oil prices rebounded, supported by a weaker US dollar and gains in the global equity markets," said Sucden analyst Myrto Sokou.
"As the situation in Ukraine remains fairly tentative, it seems that investors would like to be fairly cautious."

The weaker greenback makes dollar-priced crude cheaper for buyers using stronger currencies. That tends to stimulate demand and lift oil price levels.

In Monday deals, crude oil prices had fallen in London but edged higher in New York, as fresh Western sanctions on Moscow were milder than expected and Libya stook more steps to increase exports.
The White House has imposed sanctions on seven Russian officials and 17 firms close to President Vladimir Putin and the European Union said it was adding 15 names to its own list.
However, oil price gains were capped as the measures were seen as less aggressive than expected, dealers said.

The situation in Ukraine, a major conduit for Russian natural gas exports to western Europe, is being monitored closely by investors who are concerned that a full-scale armed conflict would disrupt supplies and send energy prices soaring.