11/03/14 - 12h21Oil prices advance on Ukraine supply concerns
11/03/14 - 06h23Crude eases in Asia as weak China trade weighs
11/03/14 - 05h27China firm in landmark bond default to sell assets
11/03/14 - 03h15Crude rebounds in Asia but weak China trade weighs
10/03/14 - 20h05Oil prices drop after weak Chinese trade data
Oil prices advance on Ukraine supply concerns
Global oil prices rose on Tuesday as fears of disruption to European supplies caused by the Ukraine crisis overshadowed weak economic data in China, dealers said.
New York's main contract, West Texas Intermediate (WTI) for delivery in April, rose 19 cents to $101.31 a barrel.
Brent North Sea crude for April added 40 cents to stand at $108.48 a barrel in London late morning deals compared with Monday's close.
Crude futures had fallen on Monday as weak Chinese trade data stoked concerns over demand in the world's top energy consuming nation.
However, the market rebounded slightly on Tuesday on resurgent concerns over Ukraine.
Pro-Moscow lawmakers in Crimea voted for independence from Ukraine on Tuesday in a precursor to a referendum this weekend for the region to become part of Russia.
The local assembly approved a "declaration on the independence of the autonomous republic of Crimea and the city of Sevastopol" with 78 out of 81 lawmakers present voting in favour.
"Despite poor economic data from parts of the eurozone yesterday, and poor data from China, the price bounced yesterday as tensions continue to mount in the Ukraine," said analyst Joe Conlan at energy consultancy Inenco.
"With the current situation in the Crimea escalating ahead of a referendum on Sunday, it is now being described ... as the most serious escalation of hostilities between East and West since the Cold War."
French Foreign Minister Laurent Fabius warned Tuesday that sanctions against Russia could come as early as this week if Moscow does not respond to Western proposals to solve the crisis in Ukraine.
Sanctions could potentially wreak turmoil in markets -- especially as Russia is a crucial global energy producer and exporter of natural gas to Western Europe.
More than 70 percent of its gas and oil exports to Europe pass through Ukraine.
Oil markets also rose Tuesday on simmering tensions in Libya.
A North Korean-flagged tanker, carrying an "illegal" cargo of oil from a rebel-held terminal in eastern Libya, escaped the warships that were escorting it to port on Tuesday, MPs said.
"Libya continues to support prices as well, with the threat to sink a North Korean tanker if it loads oil from a rebel held port being taken seriously in the markets," added analyst Conlan.