Sharjah24 - Reuters: Oil prices rose more than $1 on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer.
Brent crude futures for July rose $1.38, or 1.2%, to $114.94 a barrel by 0511 GMT. Brent futures gained 0.1% on Tuesday and are up for a fifth day.
U.S. West Texas Intermediate (WTI) crude futures for July delivery rose $1.35, or 1.2%, to $111.12 a barrel. The contract settled down 52 cents on Tuesday.
Global crude supplies continue to tighten as buyers avoid oil from Russia, the world's second-largest oil exporter, amid sanctions following its invasion of Ukraine, which Russia calls a "special military operation".
France's new foreign minister said on Tuesday she was optimistic that those still opposed to a new European Union sanctions package that would phase out Russian oil imports to the bloc could be convinced, and that the bloc would strike a deal that would have the effect of curtailing global supply.
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