Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering.
Brent crude futures recorded gains of 24 cents, or 0.28%, to $86.42 per barrel by 0405 GMT after settling 0.4% higher on Monday.
U.S. West Texas Intermediate crude was at $80.69 per barrel, up 23 cents, or 0.29%, following a 1% gain in the previous session.
Brent prices are on track to rise for the sixth straight session, the longest stretch of gains since May 2022, buoyed by hopes of China’s demand recovery and as new refining capacity in Asia and Middle East is being ramped up, processing more crude.
“The supply concerns that helped oil prices higher overnight likely stemmed from Chevron’s CEO comment that there’s ‘not a lot of swing capacity’ in oil markets,” Commonwealth Bank of Australia analyst Vivek Dhar said in a note.
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