Crude Oil Ends Higher Ahead Of Supply Data

(RTTNews) - U.S. crude oil trended moderately higher for a third straight session to end at a near seven-week high on Monday, ahead of the weekly oil report from the Energy Information Administration even as investors anticipate a rise in U.S. stockpiles for the week earlier. Crude oil moved moderately higher on the back of lingering concerns over the conflict in eastern Ukraine with worries of a possible supply disruption from Russia.

The weekly crude stockpile data from the U.S. Energy Information Administration is expected Wednesday, with the American Petroleum Institute weekly report due Tuesday.

Light Sweet Crude Oil futures for May delivery, the most actively traded contract, gained $0.07 or 0.1 percent to close at $104.37 a barrel on the New York Mercantile Exchange Monday.

Crude prices for May delivery scaled a high of $104.77 a barrel intraday and a low of $103.85.

Despite a notable surge in U.S. crude stockpiles, oil prices were up last week thanks to some upbeat U.S. economic data and the Federal Reserve Chief Janet Yellen's statement on the economy. Worries about possible supply disruptions from Russia due to the tensions in Ukraine contributed as well to the rise in crude prices.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.96 on Monday, up from its previous close of 79.87 late Thursday in North American trade. The dollar scaled a high of 79.99 intraday and a low of 79.79.

The euro traded lower against the dollar at $1.3795 on Monday, as compared to its previous close of $1.3815 late Thursday in North America. The euro scaled a high of $1.3855 intraday and a low of $1.3788.

In economic news from the U.S., leading economic indicators showed continued improvement in the month of March, with the Conference Board's leading economic index rising by a more than expected 0.8 percent following a 0.5 percent increase in February. The consensus estimate calls for a 0.7 percent month-over-month increase in the index following a 0.5 percent increase in February.

Meanwhile, the Chicago Fed National Activity Index for March dropped to 0.20 from 0.53 recorded in February. Of the four categories of indicators, two were positive to the index while the remaining two moved lower from February. The three-month moving average improved with a neutral reading in March, as compared to the negative 0.14 in February.