Oil prices rise for the fourth session due to fears of lack of supplies

Oil prices rose on Wednesday for the fourth consecutive session after fears of a lack of supply outweighed concerns about a global economic slowdown.

Brent crude futures, the benchmark for August, saw little change to $117.9 a barrel by 0917 GMT. The August contracts expire on Thursday, and the September contracts rose 23 cents, or 0.2 percent, to $114.06 a barrel.

US West Texas Intermediate crude futures rose 44 cents, or 4.0 percent, to $112.20 a barrel.

Both benchmarks rose more than 2 percent on Tuesday due to fears of supply shortages as a result of Western sanctions imposed on Russia, which outweighed fears of slowing growth due to a possible economic recession.

Saudi Arabia and the UAE are seen as the only two OPEC members that have spare production capacity to make up for the lack of Russian supplies.

But statements this week by UAE Energy Minister Suhail Al-Mazrouei and French President Emmanuel Macron made clear that there are few opportunities to increase production in the two countries.

The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, which includes allies such as Russia, start two-day meetings on Wednesday, and analysts said a major change in production policies was unlikely this month.

Analysts also warned that political turmoil in Ecuador and Libya could heighten concerns about a supply shortage.