Oil Prices Trade Within A $3 Range, Driven By Supply-Led Pull And Push

Crude prices eased on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.

Crude prices eased to around $112 per barrel on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.

On Monday, the pull and push in oil prices were driven by supply news. While tight global supply concerns and the deepening Ukraine crisis pushed crude prices higher, worries of slowing demand in China pulled them lower.

The international benchmark, Brent crude, was the last trading about 30 cents higher at nearly $112 per barrel, after having risen to the highest since March 30 of $113.80 earlier in the session. US crude futures were flat at about $107 per barrel.

Slowing Chinese economic growth was the primary reason for oil prices to slip late in the session, with data showing China refined 2 per cent less oil in March than a year earlier, with the output falling to the lowest since October.