Oil futures rose early Monday, looking to build on a fourth straight weekly rise on expectations crude supplies will tighten in the second half of the year.

West Texas Intermediate crude for September delivery rose 39 cents, or 0.5%, to $81.46 a barrel on the New York Mercantile Exchange. September Brent, the global benchmark, was up 41 cents, or 0.5%, at $81.48 a barrel on ICE Futures Europe.

Back on Nymex, August gasoline rose 1.1% to $2.832 a gallon, while August heating oil advanced 1.1% to $2.775 a gallon. August natural gas was up 0.1% at $2.715 per million British thermal units.

WTI and Brent crude rose 2.3% and 1.5%, respectively, last week. Oil prices remain lower year to date but have found their footing on expectations the physical market will move into deficit over the second half of the year. Supply cuts by Saudi Arabia and Russia have helped underpin those expectations.c

Crude held up last week despite a bounce by the U.S. dollar, "which indicates that the supply side restrictions as designed by OPEC+ are having the desired effect in terms of creating upside price pressures," Tim Waterer, chief market analyst at KCM Trade, said in a Monday note.

Source : Marketwatch