Oil rises as tight supply trumps recession fears | Reuters

Oil rises as tight supply trumps recession fears | Reuters

Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of demand-sapping global recession.

Euro zone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. read more

Brent crude rose $1.55, or 1.4%, to $113.18 a barrel by 1318 GMT after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.2%, to $109.77.

The Organization of the Petroleum Exporting Countries (OPEC) missed a target to boost output in June, a Reuters survey found.

In OPEC member Libya, authorities declared force majeure at Es Sidr and Ras Lanuf ports as well as the El Feel oilfield on Thursday, saying oil output was down by 865,000 barrels per day (bpd).