Oil prices rise on Ukraine worries

Oil prices advanced Monday as the situation in Ukraine deteriorated significantly over the weekend.

Russia called for an emergency meeting of the United Nations Security Council on Sunday after Ukrainian security forces clashed with pro-Russian gunmen in the eastern town of Slovyansk.

Russia produced more than 10 million barrels crude a day in January, and is the second-largest producer of natural gas. More than 70 percent of Russian crude and gas exports to Europe pass through Ukraine.

The uncertainties of Ukraine put a big threat to the oil market. Traders said that a possible halt of Russian crude and natural gas supplies through Ukraine supported the crude prices, especially the Brent crude.

On the economic front, better-than-expected U.S. economic data also lifted the oil prices. U.S. retail sales jumped 1.1 percent in March, the biggest increase in one and a half years, said the Commerce Department Monday.

In a separate report, the department said that U.S. business inventories rose 0.4 percent in February, climbing less than market consensus.

Light, sweet crude for May delivery moved up 31 cents to settle at 104.05 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery gained 1.74 dollars to close at 109.07 dollars a barrel.