On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $103.97 a barrel at 0549 GMT, down $0.38 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange fell $0.67 to $109.87 a barrel. Over the weekend, Petro Poroshenko declared victory in Ukraine’s presidential elections although pro-Russia separatists blocked voting in the eastern parts of the country. Russian President pledged on Friday to respect the outcome of the elections. U.S. financial markets are closed for the Memorial Day holiday and there will be no floor trading for WTI. Overall oil supply in the U.S. is still rising, although the summer driving season is expected to boost demand. Despite one of the biggest jumps in oil production by countries outside the Organization of Petroleum Exporting Countries since the 1980s, elevated outages have kept prices high alongside rising geopolitical tensions, according to […]