Oil prices climb on supply and demand fundamentals

Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.

Brent crude rose $1.61, or 1.4 percent, to $115.74 a barrel by 0825 GMT. US West Texas Intermediate (WTI) crude for July, which expires later on Tuesday, rose $2.29, or 2.1 percent, to $111.85. The more-active WTI contract for August was up $2.48 at $110.47 a barrel. UBS analyst Giovanni Staunovo said that despite concerns over economic growth, latest data on flight activity and mobility on US roads continues to show solid oil demand.

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