LONDON—Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline.
Brent crude futures rose $1.14, or 1.1 percent, to $106.29 a barrel by 1029 GMT, extending a 1.9 percent gain the previous day.
U.S. West Texas Intermediate (WTI) crude futures increased $1.31, or 1.4 percent, to $98.01 a barrel, having gained 2.1 percent on Monday.
Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20 percent of capacity.
The cut in supplies will leave countries unable to meet their goals to refill natural gas storage ahead of the winter demand period. Germany, Europe’s biggest economy, faces potentially rationing gas to industry to keep its citizens warm during the winter months….