Crude prices rally on fresh Ukraine worries

Crude prices rebounded Friday on report of new conflicts between Ukraine and Russia.
Ukrainian artillery reportedly destroyed a significant part of a Russian armored column that crossed into Ukraine during the night, while Russia accused Ukrainian forces of trying to cut humanitarian convoy route.
Crude prices retreated Thursday as Russian President Vladimir Putin said Thursday that his country will spare no efforts to facilitate an earliest end to the conflict in southeastern Ukraine.
Russia is an important oil producer, and most of Russian crude and gas exports to Europe pass through Ukraine. Any political uncertainty in this area could raise concerns about oil supplies issues globally.
In northern Iraq, Kurdish forces fought to retake positions overrun by the militants of the Islamic State of Iraq and the Levant.
Crude prices were also buoyed by the encouraging U.S. data. U.S. industrial production climbed 0.4 percent in July, its sixth consecutive monthly gain, reported the Federal Reserve.
Light, sweet crude for September delivery moved up 1.77 dollars to settle at 97.35 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 1.46 dollars to close at 103.53 dollars a barrel.