Oil prices rise for fourth day on supply worries | Reuters

Oil prices rise for fourth day on supply worries | Reuters

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

Brent crude futures for August were little changed at $117.9 a barrel by 0917 GMT. The August contract will expire on Thursday and the more-active September contract was at $114.06, up 23 cents, or 0.2%.

U.S. West Texas Intermediate (WTI) crude futures were up 44 cents, or 0.4%, to $112.20 a 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.

"The market is stuck in the push-pull between the current deteriorating macro backdrop and the looming threat of a recession, pitted against the strongest fundamental oil market set-up in decades, maybe ever," RBC Capital's Mike Tran said in a note.