Oil prices climb on supply and demand fundamentals | Reuters

Oil prices climb on supply and demand fundamentals | Reuters

Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.

Brent crude rose $1.61, or 1.4%, to $115.74 a barrel by 0825 GMT.

U.S. West Texas Intermediate (WTI) crude for July, which expires later on Tuesday, rose $2.29, or 2.1%, to $111.85. The more-active WTI contract for August was up $2.48 at $110.47 a barrel.

UBS analyst Giovanni Staunovo said that despite concerns over economic growth, latest data on flight activity and mobility on U.S. roads continues to show solid oil demand.