Oil rises for a second day

Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.

Brent crude futures for September settlement rose $1.66, or 1.6 per cent, to $106.81 a barrel by 0618 GMT, extending a 1.9 per cent gain in the previous day.

US West Texas Intermediate (WTI) crude futures for September delivery increased $1.47, or 1.5 per cent, to $98.17 a barrel, having gained 2.1 per cent on Monday.