Oil prices rose in early Tuesday trading, after industry executives cited concerns about a lack of spare capacity in the market and uncertainty about Russian supplies while recovering demand from top crude importer China.
Chevron Chief Executive Mike Wirth said ships carrying Russian crude and products now have to sail longer distances to reach non-sanctioned markets while oil stocks and supplies are limited, leaving the global market vulnerable to any unexpected supply disruption.
Prices change
Brent crude futures rose 40 cents, or 0.5%, to $86.58 a barrel by 0154 GMT, after rising 0.4% to settle on Monday.
US West Texas Intermediate crude was $80.76 a barrel, up 30 cents, or 0.4 percent, after rising 1 percent in the previous session, according to Reuters data.
Brent prices are set to rise for the sixth consecutive session, the longest period of gains since May 2022, supported by hopes for a recovery in demand in China and with the increase in new refining capacity in Asia and the Middle East, and more crude is refined.
