Oil prices up on Ukraine tensions

Global oil prices rallied on Wednesday on Ukraine tensions and the weak dollar, and before weekly crude inventories data in top consumer the United States. New York's main contract, West Texas Intermediate (WTI) for May delivery, hit $104.82 a barrel -- the highest level since early March. Brent North Sea crude for May rallied to a similar one month peak at $110.20 a barrel. The WTI contract later stood at $104.69, up 94 cents from Tuesday's closing level. Brent meanwhile pulled back to $110.08 in London morning deals, but still 72 cents higher compared with the previous day's finish. "Crude oil prices have extended gains for a third consecutive session today, supported by a weaker US dollar and persistent tensions in Ukraine, which have raised concerns over oil supplies in the region," said Sucden brokers analyst Myrto Sokou, according to AFP.