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Oil prices rose about 1% in early Asian trade on Tuesday after the United Arab Emirates' energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market.
The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.07, or 1%, to $110.64 a barrel at 0028 GMT, extending a 1.8% gain in the previous session.
Brent crude futures jumped $1.08, or 0.9%, to $116.17 a barrel, adding to a 1.7% rise in the previous session.
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