Oil prices rise for the fourth session due to fears of lack of supplies

SINGAPORE (Archyde.com) – Oil prices rose on Wednesday for the fourth consecutive session, after outpacing fears of a supply shortage, on worries about a global economic slowdown. Brent crude futures, the benchmark for August, saw little change to $117.9 a barrel by 0917 GMT. The August contracts expire on Thursday, and the September contracts rose 23 cents, or 0.2 percent, to $114.06 a barrel. US West Texas Intermediate crude futures rose 44 cents, or 4.0 percent, to $112.20 a barrel. Both benchmarks rose more than 2% on Tuesday, due to fears of supply shortages as a result of Western sanctions imposed on Russia, which outweighed fears of slowing growth due to a possible economic recession. The Organization of Petroleum Exporting Countries (OPEC) and OPEC Plus, which includes allies such as Russia, start two days of meetings on Wednesday, and analysts said it was unlikely that there would be a major change this month in production policies. Analysts also warned that political turmoil in Ecuador and Libya could heighten concerns about a supply shortage.