AKIPRESS.COM - Oil prices are rising over the increased geopolitical risks triggered by a new wave of mass protests in Ukraine and the strained tensions between Kiev and Moscow, RIA Novosti reported.

The price of May futures for North Sea Brent Crude rose by 0.5 percent to $106.36 a barrel. The price for May futures of high-gravity WTI oil rose by 0.84 percent to reach $101.3 a barrel.

For the past two days, pro-federalization rallies have taken place in three major cities of eastern Ukraine: Donetsk, Kharkiv and Lugansk. Activists waving Russian flags have demanded referendums on the status of their regions. On Monday, protesters in Kharkiv and Donetsk proclaimed the creation of independent republics in the two regions.

Since February's regime change, Ukraine has been having trouble paying its bills for oil and gas imported from Russia. Russian energy giant Gazprom announced Tuesday that it had not received payments for March deliveries from Ukraine’s state-run Naftogas. At present, Ukraine owes Russia $2.2 billion for gas supplies.