Oil prices rise in tight market; Brent crude reaches $113.37/bbl

Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while US West Texas Intermediate (WTI) crude futures climbed 69 cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both contracts.Oil prices rose in early trade on Monday with US fuel demand, tight supply and a slightly weaker US dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while US West Texas Intermediate (WTI) crude futures climbed 69 cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both contracts.

"Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak US driving season," said SPI Asset Management managing partner Stephen Innes.

"Refineries are typically in ramp-up mode to feed US drivers' unquenching thirst at the pump."

The US peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labour Day in September.

Analysts said despite fears about soaring fuel prices potentially denting demand, mobility data from TomTom and Google had climbed in recent weeks, showing more people were on the roads in places like the United States.