LONDON (Reuters) -Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world’s biggest crude consumer.
Brent crude futures for July rose for a fifth session running, gaining $1.69, or 1.5%, to $115.25 a barrel by 0940 GMT.
U.S. West Texas Intermediate (WTI) crude for July delivery rose $1.86, or 1.7%, to $111.63.
Oil prices are gaining support from tight gasoline supply, with inventories of the refined oil product down by 4.2 million barrels last week, market sources said on Tuesday, citing American Petroleum Institute figures.
Stockpiles data from the U.S. government is due on Wednesday, with analysts polled by Reuters poll expecting U.S. crude oil and gasoline inventories to have fallen last week.
