Oil prices rise for 4th day on supply worries as US inventories down
NEW YORK (Reuters) -Oil prices gained for a fourth straight session on Wednesday as data showed a drawdown in U.S. crude stockpiles, adding to ongoing worries of tight supply, which have offset concerns over a weaker global economy and demand.
Brent crude futures for August rose $1.42, or 1.2%, to $119.40 a barrel as of 10:59 a.m. ET (1459 GMT). The August contract will expire on Thursday and the more-active September contract was at $115.35, up $1.52.
U.S. West Texas Intermediate (WTI) crude gained $1.13, or 1%, to $112.89 a barrel.
Both contracts rose more than 2% on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession.
