Oil prices rise on tight supplies, stable demand | Reuters

Oil prices rise on tight supplies, stable demand | Reuters

Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.

Brent crude rose $1.41, or 1.3%, to $113.89 a barrel at 0848 GMT, and U.S. West Texas Intermediate (WTI) crude was up 95 cents, or 0.9%, at $106.91. Both benchmarks had lost about 7% on Monday.

"There was an overreaction on Monday and the market is re-considering it," UBS analyst Giovanni Staunovo said.

"Oil production disruption in Russia finally become visible, Kazakh crude production took a hit in recent days, and gasoline and jet demand in Europe and the United States is still solid."