Oil edges up on supply concerns and hopes of increased demand due to the summer driving season.

A barrel of the European reference oil, Brent, costs USD 74.56 on Tuesday morning, up from 73.86 on Tuesday afternoon. At the same time, US West Texas Intermediate (WTI) oil trades at USD 69.74, up from USD 69.06.

Political unrest in Russia over the weekend has led to concerns about Russian oil supply to the international market, according to Reuters.

”This is likely to lead to a risk premium being applied to the oil price amid the risk of further civil unrest,” ANZ analysts write in a note to the news agency.

”A further unilateral production cut of 1 million barrels per day from Saudi Arabia coming into effect in July, coupled with seasonally stronger demand, should help to physically tighten the market in Q3,” BMI Research analysts said in a client note, according to Reuters.

However, fragile market sentiment could curb price climbs, they further warned.