Oil prices settled up today buoyed by tight supply but still logged a decline week over week for the second straight week. Concerns over rising interest rates and a global economic slowdown have been a drag on prices as of late. Inventory numbers released by the EIA have been delayed this week but data was expected to show a further tightening of supplies. Stephen Brennock of oil broker PVM said recession fears dominated sentiment, yet “the consensus remains that the oil market will see high demand and tight supply over the summer months, thereby limiting the downside.” US oil and gas firms added rigs for a second straight week as higher prices are prompting drillers to return to the well pad. WTI traded up $3.35 or 3.2% to close at $107.62. Brent traded up $3.07 or 3.8% to close at $113.12