Oil rises on market caution over supply concerns

MELBOURNE: 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.