Oil prices rise on Ukraine worries

Oil prices gained Monday as the tension in eastern Ukraine accelerated significantly, raising fears of a civil war that could disrupt Russian crude supplies.

Markets are closely watching the development in Ukraine. Reports said voters in the two eastern Ukrainian provinces supported self-rule. Traders feared that the disputed votes could hasten the break-up of Ukraine, and lead to a civil war. The uncertainties of Ukraine put a big threat to the oil market. Russia is an important exporter of energy and more than 70 percent of Russian crude and gas exports to Europe pass through Ukraine.

The market is concerned about disruption of crude from Russia. A possible halt of Russian crude and natural gas supplies through Ukraine supported the crude prices.

Crude prices were also lifted by the climb of equity markets. U. S. stock markets moved higher Monday, on the heels of an across- the-board gain in stocks around the world.

Light, sweet crude for June delivery moved up 60 cents to settle at 100.59 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 52 cents to close at 108.41 dollars a barrel.