Oil edges up on supply concerns, China demand hopes
Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering, News.Az reports citing Reuters.
Brent crude futures recorded gains of 24 cents, or 0.28%, to $86.42 per barrel by 0405 GMT after settling 0.4% higher on Monday.
U.S. West Texas Intermediate crude was at $80.69 per barrel, up 23 cents, or 0.29%, following a 1% gain in the previous session.
Brent prices are on track to rise for the sixth straight session, the longest stretch of gains since May 2022, buoyed by hopes of China's demand recovery and as new refining capacity in Asia and Middle East is being ramped up, processing more crude.