The price of oil rebounded Tuesday after Ukraine's government announced pro-Russian insurgents and Ukrainian government troops were killed in fighting in the country's east.
Benchmark U.S. crude for June delivery was up 33 cents to $99.81 a barrel at 0935 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 28 cents to close at $99.48 on Monday, reflecting the possibility of weaker demand due to lackluster Chinese manufacturing.
Brent crude, a benchmark for international varieties of oil, gained 26 cents to $107.98 on the ICE exchange in London.
Markets have seesawed as concern over the possible impact of Ukraine tensions on energy supplies competes with data suggesting growth in China, the world's second-largest economy, is cooling. Further violence in Ukraine's east, where militants are agitating for closer ties with Russia, could result in tougher Western sanctions against Russia, a major oil and gas producer.
In Ukraine, the interior minister said 30 pro-Russian insurgents were killed in fighting in and near the city of Slovyansk as the national government tries to reassert control over the region. The minister said four government troops were killed and 20 injured.
In other energy futures trading on Nymex:
— Wholesale gasoline was up 0.4 cent at $2.913 a gallon.
— Heating oil added 1.1 cents to $2.917 a gallon
— Natural gas added 2.5 cents to $4.713 per 1,000 cubic feet.
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