Oil prices gain on tighter supply prospects

Brent crude futures gained 87 cents, or 1.12%, to US$78.86 a barrel by 10.49am CST while US West Texas Intermediate crude futures rose 88 cents, or 1.21%, to US$73.68.

HOUSTON: Oil prices rose on Tuesday in anticipation of tighter supply later in February while markets watched US diplomatic efforts to end the Gaza War and quell tensions in a major crude-producing region.

Brent crude futures gained 87 cents, or 1.12%, to US$78.86 a barrel by 10.49am CST while US West Texas Intermediate crude futures rose 88 cents, or 1.21%, to US$73.68. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions.