Oil prices rise on Ukraine tensions

Oil prices edged higher in Asian trade Friday on escalating fears of a full-blown armed conflict in Ukraine as pro-Moscow rebels press on with disputed independence referendums. The US benchmark, West Texas Intermediate for June delivery, was up 11 cents to $100.37 in afternoon trade, while Brent North Sea crude for June gained one cent to $108.05 per barrel. Despite a call from Russian President Vladimir Putin to postpone the vote to ease tensions, pro-Kremlin rebels in Ukraine vowed Thursday that independence referendums would go ahead as planned on May 11. There are fears the country could erupt in fresh violence Friday when both it and Russia celebrate the Soviet victory in World War II, according to AFP.