Crude oil futures extend gains with a positive start

Crude oil futures extended their gains with a positive start on Monday in early Asian trade, amid speculation that escalating violence in Libya will further disrupt supplies. Libya accused a retired army general in the eastern city of Benghazi of planning a coup, while the nation’s General Assembly was said to be suspended following clashes in Tripoli. Meanwhile, heightened tensions between Russia and Ukraine remained in focus, amid concerns over a disruption to supplies from the region. Traders are now waiting for cues on events in the Ukraine and the outlook from the Fed later this week. Benchmark crude oil futures for June delivery was up 2 cents at $102.04 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent for July settlement was up 10 cents at $109.85 a barrel on the ICE.