Brent rises more than 1bbl
U.S. inventory data delayed by a day this week

SINGAPORE, June 21 Reuters Oil prices rose 1 on Tuesday, clawing back more of last week39;s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward.

Brent crude futures rose 1.08, or about 1, to 115.21 a barrel at 0400 GMT, adding to a 0.9 gain on Monday. The benchmark contract fell 7.3 last week in its first weekly fall in five.

U.S. West Texas Intermediate WTI crude futures for July, which expires later on Tuesday, rose to 112.01 a barrel, up 2.45, or 2.2, from Friday39;s close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2 last week.

The moreactive WTI contract for August was up 2.12 at 110.11 a barrel.

After getting hammered into the U.S. long weekend due to recession and fuel demand destruction concerns, oil prices are rallying again, said Stephen Innes, managing partner at SPI Asset Management.

Those global economic worries are seemingly offset by prospects for higher U.S. and China demand in the near term amid tight prompt supplies.

Supply concerns are buoying the market, as Western sanctions on Russian oil bite and questions linger over how Russian output might fall due to sanctions on equipment needed for production, analysts said.

Traders are assessing the tight supply and a slowdown in the global economic growth, leading to the volatile sessions, said…