NEW YORK, June 21 (Xinhua) -- Oil prices rose on Tuesday, reclaiming some of the massive losses they had suffered in the prior week.
The West Texas Intermediate for July delivery added 1.09 U.S. dollars, or 1 percent, to settle at 110.65 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 52 cents, or 0.5 percent, to close at 114.65 dollars a barrel on the London ICE Futures Exchange.
Prices were supported as tight supplies came back into focus.
ExxonMobil Chief Executive Officer Darren Woods on Tuesday said it would take time for energy market volatility to end and that he expects three to five years of fairly tight oil markets.
In their respective monthly reports published last week, both the International Energy Agency and the Organization of the Petroleum Exporting Countries warned of further supply squeezing.
U.S. markets were closed Monday for the Juneteenth holiday.
For the week ending Friday, oil prices suffered a major setback, which saw the U.S. crude standard tumble 9.2 percent and Brent drop more than 7 percent, as recession fears heightened. ■