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Reuters

Oil rises on market caution over tight supply

SINGAPORE (Reuters) -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. 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. “After getting hammered into the U.S. long weekend due to recession and fuel demand destruction concerns, oil prices are rallying again,” said Stephen Innes, managing partner at SPI Asset Management.

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