Oil prices surge on Ukraine worries

Oil prices rose Monday as the escalating tensions in Ukraine ignited concerns about the global energy supplies.

Russia's parliament on Saturday authorized President Vladimir Putin to use military force to protect the Russian interests in Ukraine.

Ukraine accused Russia on Monday of sending troops and military planes into Crimea, a peninsula of Ukraine on the northern coast of the Black Sea.

Russia is an important oil producing country. Analyst said that any political uncertainties in this area could raise concerns about oil supplies issues globally.

On the U.S. economic front, U.S. manufacturing activity expanded in February for the ninth consecutive month, with the index registering 53.2, up from January's reading of 51.3, the Institute for Supply Management said Monday. The number exceeded market consensus.

The Commerce Department announced Monday that construction spending in January was estimated at a seasonally adjusted annual rate of 943.1 billion U.S. dollars, 0.1 percent higher than the previous month. The reading also surpassed economists's expectations.

Moreover, U.S. personal income increased 0.3 percent in January, while personal consumption expenditures rose 0.4 percent, the Commerce Department said in a separate report Monday.

Light, sweet crude for April delivery moved up 2.33 dollars to settle at 104.92 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 1.95 dollars to close at 111.2 dollars.