Oil prices rise on signs of tightening supplies

LONDON: Oil prices rose on Thursday, extending strong gains made in previous sessions on expectations of tighter supplies until the end of the year as economies recover from the coronavirus crisis.

Brent crude rose 27 cents, or 0.4%, to $72.50 a barrel at 0830 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude rose 33 cents, or 0.5%, to $70.63 a barrel, after rising 4.6% on Wednesday. "Some soft spots have emerged in the oil demand recovery, but this is unlikely to change the outlook fundamentally," Morgan Stanley said in a note.