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Reuters

Oil firms on tight supply as U.S. driving season looms

LONDON (Reuters) -Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown that fuelled worries about a sharp slowdown in growth. Brent crude futures rose $1.06 or 0.9% to $113.61 a barrel by 1240 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 97 cents, or 0.9%, to $111.25 a barrel, adding to last week’s small gains for both contracts. “Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season,” said SPI Asset Management Managing Partner Stephen Innes.

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