NYMEX crude oil prices dip in Asia with U.S. supply data in focus

      

          

                  Crude oil prices dipped slightly in ASia on Tuersday with U.S. industry supply data later and government figures the following day likely setting the tone.

U.S. oil supplies have fallen for three straight weeks. Stockpiles typically shrink at this time of year as refineries process more oil into gasoline and other fuels to meet summer-driving demand.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded at $102.81 a barrel, down 0.05%, after hitting an overnight session low of $101.49 a barrel and a high of $102.46 a barrel.

The August contract expires Tuesday.

Brent crude on the ICE futures exchange settled up 0.4% to $107.68 a barrel Monday.

Concerns that tensions in Ukraine will escalate and threaten Russian oil exports sent crude prices rising on Monday as did fears that Israel's ground offensive in Gaza may embroil the broader Middle East.

Reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airline flight with a missile fueled geopolitical concerns on Monday, bolstering crude prices in the process.

Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.

Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.

President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose such evidence. - investing.com