Brent crude gained 77 cents to $97.25 a barrel by 0814 GMT, while U.S. West Texas Intermediate crude rose 94 cents to $91.30
Oil rose $1 a barrel on Tuesday as tight supply moved back into focus as a result of Saudi Arabia floating the idea of OPEC+ output cuts to support prices and the prospect of a drop in U.S. crude inventories.
Global benchmark Brent crude gained 77 cents, or 0.8 per cent, to $97.25 a barrel by 0814 GMT. U.S. West Texas Intermediate crude rose 94 cents, or 1.0 per cent, to $91.30. Oil has soared in 2022, coming close in March to an all-time high of $147 after Russia’s invasion of Ukraine exacerbated supply concerns. Concern about a global recession, rising inflation and weaker demand has since weighed on prices.
While the price of Brent futures has fallen sharply from this year’s high, the market structure and price differentials in the physical oil market still point to supply tightness.
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