Oil rises for a second day on supply tightness concerns | Reuters
Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.
Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel by 0618 GMT, extending a 1.9% gain in the previous day.
U.S. West Texas Intermediate (WTI) crude futures for September delivery increased $1.47, or 1.5%, to $98.17 a barrel, having gained 2.1% on Monday.
Russia tightened its gas squeeze on Europe on Monday as Gazprom (GAZP.MM) said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. read more
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