Investing.com - Investing.com - Crude prices dropped on Tuesday after investors locked in gains from Monday's robust U.S. spending and factory data and sold the commodity for profits, especially as the Russian standoff in Ukraine began to subside.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded at $103.11 a barrel during U.S. trading, down 1.73%. New York-traded oil futures hit a session low of $102.89 a barrel and a high of $104.95 a barrel.
The April contract settled up 2.27% at $104.92 a barrel on Monday.
Nymex oil futures were likely to find support at $101.03 a barrel, the low from Feb. 25, and resistance at $105.22 a barrel, Monday's high.
Oil prices edged lower after the Ukraine crisis subsided and allayed fears of a military conflict in eastern Europe.
Russian President Putin said Moscow reserved the right to use force in Ukraine's Crimea region in the event of 'lawlessness' but added that such a move would be a last resort.
Prices also dipped after the Russian defense minister ordered troops engaged in military exercises near Ukraine's borders to return to their bases.
Russia is the world's second-largest crude oil exporter, and sanctions slapped on the country from the West over Ukraine could have disrupted supply.
Meanwhile, profit taking sent prices edging lower as well, as investors sold to cash in on a rally stemming from Monday's robust U.S. economic indicators.
The Commerce Department reported Monday that personal spending rose 0.4% in January, above expectations for an increase of 0.1%. Personal income rose 0.3%, beating expectations for a 0.2% increase, after a flat reading in December.
Meanwhile, the core PCE price index, which is stripped of food and energy items, inched up by a seasonally adjusted 0.1% in January, in line with expectations, after rising 0.1% in December.
The core PCE price index rose at an annualized rate of 1.2%, above forecasts for a 1.1% increase, after rising at a rate of 1.1% in December.
Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
Oil also saw support after the Institute for Supply Management revealed that its manufacturing purchasing managers' index rose to 53.2 last month from 51.3 in January, beating forecasts for a reading of 52.0.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery were down 1.89% and trading at US$109.10 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$5.99 a barrel.
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