Oil prices rise on Ukrainian tensions, upbeat US economic data

Oil prices increased Thursday on tensions between Ukraine and Russia and upbeat U.S. economic data.

Light, sweet crude for June delivery moved up 50 cents to settle at 101.94 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 1.22 dollars to close at 110.33 dollars a barrel.

Analysts worried that the clash between the West and Russia over Ukraine may disrupt Russian oil export, which helped push up oil prices.

The Ukrainian government resumed operations to oust militants from eastern cities this week, while Russian President Vladimir Putin warned Ukraine Thursday against continuing its anti- separatist offensive after government troops killed five rebels.

President Barack Obama said Thursday the U.S. and its allies have additional sanctions against Russia as the crisis in Ukraine intensifies.

Crude prices also gained support from upbeat U.S. economic data.

New orders for manufactured durable goods in March rose 2.6 percent to 234.8 billion dollars, the U.S. Commerce Department said Thursday. The fresh figure beat market expectations.

Moreover, the number of Americans who initially applied for jobless benefits last week added 24,000 to a seasonally adjusted 329,000, said the Labor Department.