LONDON—Oil prices rose on Tuesday as tight global supply outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China.
Brent crude futures rose 94 cents, or 0.9 percent, to $123.21 a barrel at 1029 GMT, while U.S. West Texas Intermediate (WTI) crude rose 79 cents, or 0.7 percent to $121.72 a barrel.
Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports.
Other OPEC+ producers are struggling to meet their production quotas and Russia faces bans on its oil over the war in Ukraine.
“The continuing squeeze on refined products globally, as well as a lack of investment to bring online more supplies from OPEC members, or other sources, means lost Russian production is nowhere near being covered by global markets,” said Jeffrey Halley, senior market analyst at OANDA, in a note….