WASHINGTON (Alliance News) - Crude oil prices are higher Monday morning, supported by mounting tensions in Ukraine and possibilities of further sanctions on Russia from the US and the EU.
Concerns over a possible disruption in supplies from Russia contributed as well to oil's rise.
Crude futures for June are up USD0.69 or 0.69% at USD101.30 a barrel
On Friday, crude oil futures ended sharply lower at USD100.60, losing USD1.34 or 1.3%. For the week, oil lost about 3.6%.
Natural Gas for June is up USD0.028 or 0.59% at USD4.686 per million btu.
In economic news, the US pending home sales data for March from the National Association of Realtors will be out at 10 am ET. Economists estimate pending home sales to have risen by 0.6% month-over-month.
Investors will be looking ahead to the outcome of the 2-day FOMC meeting that begins on Tuesday.
The US non-farm payrolls report for April, the Conference Board's consumer confidence index for April, advance estimate for first quarter GDP and the Commerce Department's personal income and spending report for March will be eyed this week.
Also due for release during the week are the results of the Institute for Supply Management's manufacturing index for April and the results of a regional manufacturing survey by MNI Indicators, auto sales for April and the jobless claims report. Additionally, the final estimate of Markit's US manufacturing survey for March will also be eyed.
