Oil climbs on lower supply and post-pandemic recovery

Oil prices climbed on Tuesday, hovering near seven-year highs hit last week, on expectations that a limited production increase by major oil producers and a solid post-pandemic recovery in fuel demand will keep a tight supply condition.

Brent crude for April delivery was up 34 cents, or 0.4% at $89.60 a barrel at 0455 GMT.

The front-month contract for March delivery expired on Monday at $91.21 a barrel, up 1.3%.

U.S. West Texas Intermediate crude rose 32 cents, or 0.4%, to $88.47 a barrel, having gained 1.5% in the previous day.