* Libyan rebels boycott new PM, keep 2 ports closed * Ukraine crisis eyed as tensions continue * China's crude oil imports jump 22 pct to record in April * Oil prices up more than $1 on Wednesday as U.S. crude stocks drop (Recasts, updates prices, adds quote, changes dateline from SINGAPORE) By Julia Fioretti London, May 8 (Reuters) - Brent oil fell below $108 a barrel on Thursday as tensions in Ukraine appeared to show signs of easing but the crisis in Libya and a jump in Chinese crude imports to a record high underpinned prices. Russian President Vladimir Putin said his troops had withdrawn from the border with Ukraine and called on separatists in the east to postpone a referendum on independence, potentially pulling Ukraine back from the brink of violent dismemberment and sapping some of the gepopolitical concerns that had supported Brent. But NATO and the White House said they had seen no evidence of troops being withdrawn on Thursday, injecting some caution into the markets. Brent crude, the international benchmark, was down 48 cents at $107.65 per barrel by 0907 GMT, after settling $1.07 higher on Wednesday. U.S. crude was 38 cents lower at $100.39 per barrel. The contract had gained $1.27 in the previous session. "The softer stance from Putin is reducing the price a bit," said Bjarne Schieldrop, chief commodity analyst at SEB bank, adding that he expected the risk premium attached to Brent to stay. CHINA, LIBYA OFFER SUPPORT Brent had received some support earlier in the session on Chinese data showing crude oil imports rose to a record 6.78 million barrels per day (bpd) in April, after slipping below 6 million bpd in March for the first time since November last year. China's crude imports rose 22.4 percent in April from March, and the data also showed that total exports rose against forecasts for a decline, offering some rare good news for the nation's slowing economy. "People have been bearish on China, so if we have any good news out of China it should at least provide some support," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. Brent also found some support from the standoff in Libya, where rebels in the east boycotted the new prime minister and said they would keep two major export terminals shut. Optimism about higher Libyan exports had helped to put pressure on oil prices since the end of last month when oil ports shut since last year were reopened. But Libyan oil production remains at just over 250,000 bpd, less than a fifth of output around 1.4 million bpd in mid-2013. Oil futures rose by more than $1 on both sides of the Atlantic on Wednesday after data from the U.S. Energy Information Administration (EIA) showed an unexpected drop in U.S. inventories in the week ended May 2. Total stocks fell 1.8 million barrels last week, according to the EIA, compared with analyst' forecasts for a 1.4-million-barrel build. Stocks fell 1.4 million barrels at Cushing, Oklahoma, delivery point for the U.S. futures contract, their lowest since 2008. (Additional reporting by Lin Noueihed in London and Jacob Gronholt-Pedersen in Singapore; editing by Susan Thomas)

Source