Crude prices rebound on geopolitical concerns

Crude prices rose Monday on geopolitical risks in Iraq and Libya, two key petroleum producers, following last week's heavy losses.

U.S. crude price slipped to its lowest level on Friday since Feb. 6 due to ample supplies. The crude dropped 4.1 percent for the last week, marking its largest weekly fall since January.

The increasing geopolitical risks in Iraq and Libya helped push crude prices up.

In Iraq, militants have taken control of two oil fields in the northern part of the country, which, according to the Energy Information Administration, is the second biggest oil exporter in the OPEC after Saudi Arabia, exporting about 2.5 million barrels a day,

Violence also rages in Libya where at least 22 more people died in clashes between rival factions in Tripoli over the weekend. Libyan production has been severely disrupted for a year as the rebels has blocked several oil ports, threatening the crude output of the country.

Light, sweet crude for September delivery moved up 41 cents to settle at 98.29 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 59 cents to close at 105.41 dollars a barrel.