Oil extends gains on higher gasoline demand, tighter supply


Tokyo, May 23 (BNA): Oil prices continued their rally on Tuesday as investors expected a market tightening led by a seasonal increase in gasoline demand and supply cuts from OPEC+ producers, despite concerns about the risks of a US debt default.

Brent crude futures rose 28 cents, or 0.37%, to $76.27 a barrel by 0320 GMT, while US West Texas Intermediate crude was $72.36 a barrel, up 31 cents, or 0.43%, Reuters reported.

It was the second day of gains after Brent rose 0.5% on Monday. WTI rose 0.6%, amid a 2.8% increase in US gasoline futures ahead of the May 29 Memorial Day holiday that traditionally marks the start of the summer peak fuel demand season.

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