22.04.201405:27:43UTC+00Oil prices proliferate in 7-week peak

Oil prices surged higher on Monday to jot down their highest close in seven weeks as continuous woes in Ukraine and US economic reports that broadly backed a brighter outlook for energy demand uplifted prices for third consecutive sessions.

Crude to be delivered in May nailed 7 cents or 0.1%, to end at $104.37 per barrel on the New York Mercantile Exchange, with prices shortly spending time in negative territory shortly before the Nymex close. This settlement was the biggest since March 3, based on FactSet data that trails the most active contracts.

May contract ends at the Nymex close on Tuesday that tend to agitate market volatility. June crude, which presently trades on larger volume, dealt at $103.65, up 28 cents. 

On the ICE Futures exchange, June crude finished at $109.95 per barrel, up 42 cents or 0.4%. This week in the Ukraine-Russia upheaval, the international organization delegated with helping to take away the crisis intends to work on amplifying its ranks with more monitors.

In US economic news yesterday, the Chicago Fed National Activity Index declined 0.20 in March from 0.53 in February but the Conference Board’s leading economic index climbed 0.8% in March, assisting to deliver anticipations of higher oil demand.

On Nymex, prices for petroleum-products finished primarily higher, May gasoline at $3.09 per gallon, up 3 cents or 1.1%, while May heating oil tacked on under a half cent to $3.01 per gallon. 

May natural gas covered the overall trend to close lower, down 4 cents or 0.9%, at $4.70 per million 

British thermal units following Thursday’s 4.7% rally.