Oil Rises on Supply Issues

Prices for petroleum gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy.

Brent crude futures for August advanced 0.5% to $118.61 U.S. midday Wednesday. The August contract will expire on Thursday and the more-active September contract was at $114.06 U.S. , up 23 cents, or 0.2%.

U.S. West Texas Intermediate (WTI) crude futures advanced 0.7% to $112.60 per barrel.

Both contracts rose more than 2% on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession.

Saudi Arabia and the United Arab Emirates have been seen as the only two members of the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to make up for lost Russian supply.

French President Emmanuel Macron said this week he was told these producers will struggle to increase output further.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, which includes allies such as Russia, begin a series of two-day meetings on Wednesday with sources saying chances of a big policy change look unlikely this month.