Oil prices rise in early trade on market caution over supply concerns

Oil prices rose 1% in early trade on Tuesday, clawing back more of last week’s losses as the focus returned to tight supply of crude and fuel products versus concerns about a recession hitting demand down the track.

Brent crude futures rose $1.32, or 1.2%, to $115.45 a barrel at 0040 GMT, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five.

U.S. West Texas Intermediate (WTI) crude futures rose to $111.51 a barrel, up $1.95, or 1.8%, from Friday’s close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2% last week.