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Oil prices rose on Tuesday, recouping more of last week’s losses, while investors focused on the short supply of crude and fuel rather than the recession that could limit demand in the future.
Brent crude futures rose 81 cents, or 0.7 percent, to $114.94 a barrel by 0703 GMT, adding to Monday’s 0.9 percent gain. Brent prices fell 7.3% last week, the first weekly decline in five weeks.
US West Texas Intermediate crude rose in July contracts, which expire on Tuesday, to 111.19 dollars a barrel, an increase of 1.63 dollars, or 1.5 percent from the closing level on Friday. It was not traded on Monday due to a public holiday in the United States.
Analysts said prices were boosted by worries about supplies after sanctions were imposed on oil shipments from Russia, the world’s second-largest oil exporter, after its invasion of Ukraine.
The release of US oil inventory data will be delayed one day this week due to the holiday on Monday. The American Petroleum Institute data for the week ending June 17 is expected to be released on Wednesday and the US Energy Information Administration data on Thursday.
