The oil prices rose for the fourth straight session on Wednesday, amid concerns about tight supplies offsetting concerns about weaker global economic growth.
crude oil futures Brent For August delivery, they added $1.3, or 1.10%, to $119.21 a barrel by 1215 GMT. The August contract expires on Thursday and the more active September contract was trading at $114.79 a barrel, up 0.87 percent.
oil futures West Texas Intermediate (WTI) from the United States gained $1.43, or 1.28%, at $113.19 a barrel.
Both contracts rose more than 2% on Tuesdayas concerns about supply shortages due to Western sanctions against Russia outweighed fears that demand could decline in an eventual recession.
Oil also rose as G7 countries agreed to explore options to impose a price cap on Russian crude exports.
“Given that almost 1/5 of the world’s oil production capacity today is under some type of sanction (Iran, Venezuela, Russia), we believe there is no practical way to keep these barrels out of a market that was already exceptionally tight. “JPMorgan said in a note sent to clients.
Another factor underpinning prices was concerns about the position Saudi Arabia and the United Arab Emirates are in to activate their spare production capacity and compensate for the loss of Russian supply.
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