Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a US debt default capped gains.
Brent crude futures rose 28 cents, or 0.37 per cent, to $76.27 a barrel by 0320 GMT while US West Texas Intermediate (WTI) crude was at $72.36 a barrel, up 31 cents, or 0.43 per cent.
It was the second day of gains after Brent rose 0.5 per cent on Monday. WTI gained 0.6 per cent, amid a 2.8 per cent increase in US gasoline futures ahead of the Memorial Day holiday on May 29 that traditionally marks the start of the peak summer fuel demand season.
