Oil ticks higher on strong demand, tight supply | Reuters

Oil ticks higher on strong demand, tight supply | Reuters

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

Brent crude futures settled 52 cents, or 0.5%, higher at $114.65 a barrel. The U.S. West Texas Intermediate (WTI) crude contract for July expired on Tuesday, closing at $110.65, with a gain of $1.09, or 1%. The more active August contract was up $1.53 at $109.52.

Both benchmarks posted a weekly loss last week. For WTI it was the first weekly loss in eight weeks, for Brent the first in five.

"You have some people jumping in here to buy the bottom or what they hope is the bottom of the market," said Robert Yawger, director of energy futures at Mizuho in New York.

The 50-day simple moving average of U.S. front month futures touched its highest since 2008, and Brent's touched its highest since 2013.