Oil extends gains toward US$122 as investors weigh tight markets

Brent crude LCOc1 futures settled down US$1.10, or 0.9%, to $121.17 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell $2, or 0.7%, to settle at $118.93 a barrel

NEW YORK: Oil rose toward US$122 (RM539) a barrel as investors weighed a tight supply outlook and the impact of China’s eventual return from virus curbs.

West Texas Intermediate gained for a second session after closing 0.2% higher on Monday, shrugging off a broader market rout that was driven by expectations of higher interest rates to cool inflation.