Oil prices jump on world markets

Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession, News.Az reports citing Reuters. 

Brent crude futures rose 56 cents, or 0.6%, to $92.90 a barrel by 0415 GMT. West Texas Intermediate (WTI) crude futures climbed 62 cents, or 0.7%, to $87.15 a barrel.

The contracts slumped about 3% on Tuesday as weak U.S. housing starts data spurred concerns about a potential global recession.


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