Oil prices rise on tight supply worries, soft dollar supports | Reuters

Oil prices rise on tight supply worries, soft dollar supports | Reuters

Oil rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.

Brent crude futures for September settlement gained 17 cents to $106.51 a barrel by 0645 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.

WTI crude futures for August delivery rose by 36 cent to $102.96 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.

The August WTI contract expires on Wednesday and the more actively traded September future was at $99.74 a barrel, up 32 cents.

Oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows to refiners and end-users and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut future fuel demand.