Brent Crude Oil Futures Rise As European Oil Demand Seen Higher

Brent crude rose by 39 cents to settle at $108.79 a barrel, after dropping to $107.77, its lowest since May 9.

The spread <CL-LCO1=R> between the two benchmarks closed at $6.31, after narrowing to $5.61, its lowest point since April 15.

Last month, political tensions pushed Brent above $111 but prices have shed about 3 percent since then.

Ukraine's President-elect Petro Poroshenko said he may discuss a plan to end violence in eastern Ukraine with Russian leader Vladimir Putin.

Putin will hold face-to-face meetings with German Chancellor Angela Merkel, French President Francois Hollande and British Prime Minister David Cameron at a D-Day anniversary gathering in France later this week.

The European Central Bank said on Thursday concerns have risen about a possible escalation of tensions between Ukraine and Russia which could affect the euro zone via trade, financial links and oil prices.

"The geopolitical concerns are still out there," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.


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