NYMEX crude oil eases in Asia on profit-taking

Crude oil prices eased in Asia on Tuesday on profit taking after gains made on geopolitical tension in the Ukraine.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $103.31 a barrel, down 0.72%, after hitting a session low of $103.36 a barrel and a high of $104.55 a barrel.

Brent Oil on the ICE Futures Europe exchange rose $1.74, or 1.6%, to $109.07 a barrel on Monday, the highest settlement since March 4.

Geopolitical concerns gave oil a boost overnight.

Tensions between Russia and Ukraine mounted after a deadline set by Ukraine for pro-Russian separatists to exit government buildings they are occupying in the eastern reaches of the country expired on Monday.

The U.S. has indicated that it is prepared to impose more sanctions against Moscow if Russian encroachments in eastern Ukraine continue. Russia is the world’s biggest energy exporter.

Oil prices received further support following delays in resuming oil exports from Libya.

Earlier this month government officials and rebels reached an agreement to re-open Zueitina and Hariga ports, but the country’s two largest ports of Ras Lanuf and Es-Sider remain closed.