Oil Prices Rise over 1$

Oil prices rose more than $1 today, reversing the previous days loss, amid concerns over a possible US recession reducing demand in the world's largest oil consumer. Brent crude prices rose $1.25, or 1.6%, to $77.55 per barrel, while US West Texas Intermediate (WTI) crude futures rose $1.35, or 1.9%, to $74.29. Yesterday (Monday), both benchmarks fell by about 1% against the backdrop of declining global stock markets. Source: Oman News Agency