WTI crude futures rose above $86 per barrel on Tuesday as traders weighed the prospect of tighter oil supplies against fears of a demand-sapping global recession. Markets are gearing up for huge OPEC+ output cuts from November, while traders and refiners are booking storage tanks in anticipation of a supply crunch as the European Union embargo on Russian oil takes effect in December, Bloomberg reported. Adding to supply concerns, Exxon Mobil exited Russia completely and accused the country of expropriating its operations. In China, expectations that authorities would maintain loose monetary policy and deliver more pro-growth measures buoyed the demand outlook in the world’s top crude importer. Meanwhile, oil prices continue to face downward pressures from aggressive monetary tightening aimed at curbing inflation that markets fear would tip the global economy into recession.