Brent futures increased above $108 a barrel on Friday due to renewed geopolitical risks after a Malaysian passenger plane was shot down in eastern Ukraine.

Reuters reported that Brent rose 42 cents to $108.31 a barrel, while US crude increased 48 cents to $103.67 a barrel.

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Earlier in the week, data from the US and China supported Brent and US crude, suggesting an improving demand outlook in both countries.

Wednesday’s Chinese Government data showed that the country reported slightly better-than-anticipated economic growth of 7.5% and higher oil demand in the second quarter of 2014.

Data from the Energy Information Administration (EIA) revealed that an increase in US refining activity caused crude stocks to decline by 7.5 million barrels last week, the biggest draw since January 2014.

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"The US has imposed sanctions on several companies including Russian oil firm Rosneft."

Investors are watching the current situation in Ukraine and Libya for additional trading cues.

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Reuters said US President Barack Obama warned Russian President Vladimir Putin on Thursday of additional sanctions on Moscow if Russia fails to change course in Ukraine.

The US has imposed sanctions on several companies including Russian oil firm Rosneft.

Meanwhile, a protest by oil security guards continued at Brega port in Libya, affecting oil production at state-run Sirte Oil.

On Thursday, a spokesman for state-run National Oil Corp said that Libya is producing around 555,000bpd.

Libya has requested the UN Security Council’s help to protect its oil installations, oil export ports and civil airports.

Energy