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 up 87 cents to $118.85 a barrel by 1132 GMT. The August contract will expire on Thursday and the more-active September contract was at $114.79, up 99 cents, or 0.87%.

U.S. West Texas Intermediate (WTI) crude futures were up $1.20, or 1.1%, to $112.96 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.