Another source of support is the demand for gasoline in the United States. Memorial Day weekend travel in the United States is expected to be the busiest in two years as more drivers hit the road despite high prices at the pump.
“The oil market remains caught between recession fears and the fallout from China’s zero COVID policy on the one hand, and tight supply, especially of oil products,” Carsten Fritsch, an analyst at Commerzbank, said in a report. .
Brent crude was up 30 cents, or 0.25%, at $113.70 a barrel, and West Texas Intermediate in the United States (WTI) added 29 cents, or 0.26%, to $110.57.
Oil has risen this year with Brent hitting $139 in March, its highest level since 2008, after Russia’s invasion of Ukraine exacerbated supply concerns.
Still, concerns about threats to the global economy – a main issue at this week’s Davos meeting – capped gains and caused prices to fall early on Tuesday.
Weekly US inventory reports will be the focus later on for strength in demand. Analysts expect gasoline and crude oil inventories to decline.
By Alex Lawler of Reuters agency
Source: Ambito
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