Oil continue to rise for second day

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Al-Anbat -

Alanbat-Ayah Awwad

Oil prices continued to rise on Tuesday for the second day in a row, amid growing fears of tight European supplies, after Russia, the main supplier of oil and natural gas to the region, cut gas supplies through a major pipeline.

Brent crude futures for September rose $1.51, or 1.4 percent, to $106.66 a barrel, after jumping 1.9 percent the previous day, according to the German news agency.

US West Texas Intermediate crude contracts for the month of September also increased by $1.36, or 1.4 percent, to $98.04 a barrel, after rising 2.1 percent on Monday.

Russia reduced gas supplies to Europe on Monday after Gazprom said that supplies through the Nord Stream 1 pipeline to Germany would be reduced to only 20% of its capacity
 
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