August 04:
U.S. crude oil snapped a five-day loss to end higher Monday, on renewed geopolitical concerns after news reports indicated militants in Iraq to have taken control of the country's biggest dam, some important oil fields, and three towns as well.
With no major economic data release for the day, investors continued to monitor the developments in Libya, Ukraine and the Middle East for cues.
With violence continuing unabated in Iraq and Libya, supply concerns emerged with worries that the two countries may not be able to ship the quantities previously envisaged. According to reports, the situation remains tense in Libya where militants damaged Tripoli's main oil depot. The fire has reportedly spread to several other tanks, raising fears of an environmental disaster.
News that Russia will be holding military exercises near the Ukraine border this week and reports that militant Sunni insurgents have seized Iraq's biggest hydroelectric dam - Mosul Dam, as well as oilfields, supported oil prices.
Meanwhile, a seven-hour humanitarian ceasefire declared earlier today in parts of Gaza has ended, reigniting fears of more fighting to follow.
Light Sweet Crude Oil futures for September delivery, the most actively traded contract, gained $0.41 or 0.4 percent to close at $98.29 a barrel on the New York Mercantile Exchange Monday.
Crude prices for September delivery scaled a high of $98.44 a barrel intraday and a low of $97.43.
Source: www.rttnews.com/story.aspx?Id=2362876
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