Oil ticks higher as traders weigh tight fuel market, slow global growth

Oil rose at the start of the week as investors weighed tight product markets against concerns over slowing global growth.

West Texas Intermediate climbed above $111 a barrel following four weekly gains, the longest such run since February. Gasoline and diesel prices have rallied to records ahead of the start of the US driving season, which begins in about a week. Money managers have also been boosting bullish crude bets.

In remarks reported at the weekend, Saudi Arabia signaled it will continue to support Russia’s role in the OPEC+ group of producers, undermining US-led efforts to isolate Moscow