Oil rises on market caution over tight supply

  21 June 1998    Read: 284
Oil rises on market caution over tight supply

Oil prices rose 1% on Tuesday, clawing back more of last week's losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward, AzVision.az reports citing Reuters. 

Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel at 0400 GMT, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five.

U.S. West Texas Intermediate (WTI) crude futures for July, which expires later on Tuesday, rose to $112.01 a barrel, up $2.45, or 2.2%, from Friday's close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2% last week.

The more-active WTI contract for August was up $2.12 at $110.11 a barrel.


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