Oil Prices Rise on Supply Deficit Concerns

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Picture taken with a drone. Tatiana Meel/Reuters

Oil prices rose on Tuesday for a fourth consecutive session as weak U.S. shale output spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.

Global oil benchmark Brent crude futures were up 41 cents, or 0.43 percent, to $94.84 a barrel by 0751 GMT. After breaching $1 gains, U.S. West Texas Intermediate crude futures were up 92 cents, or 1.01 percent, to $92.40.