Oil extends gains above $102 a barrel on demand outlook, lingering Ukraine jitters

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The price of oil extended gains above $102 a barrel Monday on forecasts of higher global demand.

Benchmark U.S. crude for June delivery was up 16 cents to $102.18 a barrel at 0620 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 52 cents Friday to close at $102.02 and gained about 2 per cent for the week.

Brent crude for July delivery, a benchmark for international oil, was up 41 cents to $110.15 on the ICE exchange in London.

The Commerce Department said Friday that U.S. housing construction surged to its highest pace in six months and the International Energy Agency in Paris raised its forecast for global crude demand.

Also underpinning energy prices are the tensions in Ukraine and the possibility they might disrupt Russian supplies.

In other energy futures trading in New York:

— Wholesale gasoline rose 1.7 cents to $2.972 a gallon.

— Natural gas added 1.5 cents to $4.428 per 1,000 cubic feet.

— Heating oil gained 1 cent to $2.959 a gallon.

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