WASHINGTON (dpa-AFX) - Oil prices rose in choppy trade on Tuesday as concerns about global supplies outweighed Chinese demand concerns.
Benchmark Brent crude futures rose 0.7 percent to $123.06 a barrel, while U.S. crude futures were up half a percent at $121.56.
The Organization of the Petroleum Exporting Countries and its allies are reportedly struggling to deliver on agreed output increases, raising concerns about global oil supply.
Tight supply has been aggravated by a drop in exports from Libya amid a political crisis that has led to more shutdowns of ports and fields.
The OPEC member's daily output -- which averaged 1.2 million barrels last year -- is down by about 1.1 million barrels, Bloomberg quoted Oil Minister Mohamed Oun as saying on Monday.
On the demand side, China's demand growth is threatened by 'flash lockdowns' as COVID-19 cases flare up in Shanghai and elsewhere in the country.
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