Oil is rallying on concerns about crude supply. Some analysts believe the consensus remains that the oil market will see strong demand and tight supply during the summer months.

Oil prices were up slightly on Friday, as concerns about insufficient crude supply to meet demand during the summer outweighed fears of a recession amid soaring inflation. By 10:15 GMT (12:15 p.m. CET), Brent North Sea crude for August delivery was up 1.30 percent at $111.48 a barrel. A barrel of U.S. West Texas Intermediate (WTI) for delivery in the same month, meanwhile, gained 1.31 percent to 105.64 dollars. Supply remains tight due to sanctions against Russia and production difficulties of some countries in the Organization of the Petroleum Producing Countries (Opec) and their allies (Opec+).