Oil Prices Rise as Tight Supply Counters China COVID-19, Recession Worries

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan, on Nov. 12, 2021. Kyodo/via Reuters

LONDON—Oil prices rose on Tuesday as tight global supply outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China.

Brent crude futures rose 94 cents, or 0.9 percent, to $123.21 a barrel at 1029 GMT, while U.S. West Texas Intermediate (WTI) crude rose 79 cents, or 0.7 percent to $121.72 a barrel.