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Eastern Ukraine Votes On Independence Referendum

MARIUPOL, UKRAINE - MAY 11: Men watch as people try to overturn a truck at a barricade in the city center on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

MARIUPOL, UKRAINE - MAY 11: Patients at a hospital cast ballots in a referendum on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

MARIUPOL, UKRAINE - MAY 11: People stand in line to cast their ballots at a polling station on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

MARIUPOL, UKRAINE - MAY 11: Poll workers and voters inside a polling station on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

MARIUPOL, UKRAINE - MAY 11: Men inside a polling station on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

MARIUPOL, UKRAINE - MAY 11: A ballot box is carried into a hospital to allow patients who were wounded in clashes on May 9 to vote in a referendum on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

MARIUPOL, UKRAINE - MAY 11: Igor Toskoporan, who was shot in the leg during violent clashes on May 9, in his hospital bed on May 11, 2014 in Mariupol, Ukraine. A referendum on greater autonomy is being held after pro-Russian activists took over at least ten cities in the eastern part of the country. (Photo by Brendan Hoffman/Getty Images)

SLOVYANSK, UKRAINE - MAY 11: Election workers vote on a contested ballot following eastern Ukraine's sovereignty referendum on May 11, 2014 in Slovyansk, Ukraine. Pro-Russian communities in eastern Ukraine staged the vote in defiance of federal and international pressure. (Photo by John Moore/Getty Images)

SLOVYANSK, UKRAINE - MAY 11: Election workers dump a ballot box to count votes following eastern Ukraine's sovereignty referendum on May 11, 2014 in Slovyansk, Ukraine. Pro-Russian communities in eastern Ukraine staged the vote in defiance of federal and international pressure. (Photo by John Moore/Getty Images)

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Ukraine's East Votes For Independence In 'Farcical' Referendum

The price of oil rose above $100 a barrel on Monday amid renewed tensions over Ukraine.

By early afternoon in Europe, benchmark U.S. crude for June delivery was up 29 cents to $100.28 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract fell 27 cents to close at $99.99.

Brent crude, a benchmark for international varieties, was up 65 cents to $108.54 on the ICE Futures exchange in London.

Traders are worried about turmoil in Ukraine and the prolonged disruption of oil exports from Libya despite muted demand and plentiful supplies.

Pro-Russian insurgents who organized divisive referendums in two regions of eastern Ukraine said about 90 percent of voters have backed their calls for sovereignty. The Ukrainian and Western governments have condemned the balloting as a sham and a violation of international law.

There are concerns that Russian energy exports to Europe could be interrupted if further instability in Ukraine results in stronger Western sanctions. On Monday, Moscow said it had no intention to annex Ukraine's eastern provinces, while the European Union added 13 people to its list of 48 Russians and Ukrainians punished with visa bans and asset freezes over the Ukraine crisis.

For the first time, two companies will also face EU sanctions because of Ukraine, but tougher measures will not be implemented before the May 25 elections in the east European country.

The referendum "is likely to contribute to the further escalation of tensions between Ukraine and Russia and between the West and Russia," analysts at Commerzbank in Frankfurt said in a note to clients. "The risk of sanctions being extended at a later date to include companies from the Russian oil and gas sector has risen."

In other energy futures trading in New York:

Wholesale gasoline added 2.24 cent to $2.9184 a gallon.

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Ukraine Jitters Push Crude Oil Above $100

AFP Ukraine election 'will not happen' in Donetsk, rebel leader says

Donetsk (Ukraine) (AFP) - A presidential election in Ukraine set for May 25 seen by the West as vital to restoring order "will not happen" in the Donetsk region, the self-styled governor of the province said Monday.

Speaking to reporters a day after a referendum considered a farce by Kiev and the West, Denis Pushilin from the "People's Republic of Donetsk" also said there would not be a vote on joining Russia next week as many had suspected.

Led by US President Barack Obama, Western powers have threatened to step up sanctions against Russia, which they blame for stoking unrest in eastern Ukraine, if the presidential election does not go ahead as planned.

Pushilin claimed he now had a mandate from the people after a "referendum" he said delivered a 89-percent result in favour of independence with a voter turnout of 75 percent.

"We have received sovereignty, the right to decide independently to enter into a confederation or federation with any country," he said.

"Which country that could be will be decided after consultations with our experts," he added.

Only Russia is likely to recognise the "People's Republic of Donetsk" and the Kremlin has already said it "respects the expression of the people's will" there.

Ominously, Pushilin said he reserves the right to call for a "peacekeeping contingent" if the security situation in the region deteriorated although he did not specify from where.

Moscow has also reserved the right to take military action to protect what it sees as the interests of Russian speakers in Ukraine.

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Ukraine election 'will not happen' in Donetsk, rebel leader says

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Russia Announces War With Ukraine! Video of Helicopters Swarming Crimea!
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