MELBOURNE : Oil prices rose 1 per cent 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.
U.S. West Texas Intermediate crude futures rose to $111.51 a barrel, up $1.95, or 1.8 per cent, from Friday's close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2 per cent last week. "The market remains cautious about disruptions to Russian oil as European sanctions kick in," ANZ Research analysts said in a note.
"It's a tension that we're going to see unfolding for the rest of this year," said Justin Smirk, senior economist at Westpac.