NEW YORK, Feb. 24 (Xinhua) -- Oil prices rose Monday when U.S. equities climbed as traders bet that the economy can withstand a slowdown of the Federal Reserve's tapering.
No major economic data were due Monday, but a slew of data will start streaming in from Tuesday to the end of the week, including the S&P/Case-Shiller housing price index, consumer confidence, durable goods orders, jobless claims for last week and most importantly the U.S. gross domestic product for the fourth quarter of last year.
U.S. Fed Chairwoman Janet Yellen said this month that the economy has strengthened enough to withstand stimulus cuts. U.S. stocks rallied and lifted the S&P 500 to a new all-time intraday high and pared all its losses so far this year.
Oil prices were supported by geopolitical factors. The political turmoil in Ukraine put threat and uncertainty to the European energy market.
Other supplies risks such as the unrest in Venezuela, the ongoing production outages in Libya, are all giving support to the crude prices.
The return of cold weather in some parts of the United States this week also pushed oil prices higher.
Light, sweet crude for April delivery moved up 62 cents to settle at 102.82 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 79 cent to close at 110.64 dollars a barrel.