Oil prices rise on tight supply worries, soft dollar supports

Oil prices rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.

Brent crude futures for September settlement gained 17 cents to $106.51 a barrel by 0645 GMT. The contract rose 5.1 per cent on Monday, the biggest percentage gain since April 12.

WTI crude futures for August delivery rose by 36 cent to $102.96 a barrel. The contract climbed 5.1 per cent on Monday and the largest percentage gain since May 11.

The August WTI contract expires on Wednesday and the more actively traded September future was at $99.74 a barrel, up 32 cents.