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Asharq Al-Awsat

Business

Asharq Al-Awsat

Oil Rises as Market Weighs Tight Supply, Recession Fears

Oil Recession United States Stephen Innes

Pump Jacks are seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson

Oil prices edged slightly higher in volatile Asian trade on Friday, reversing earlier losses as the market weighed up the tight global supply concerns against recession fears.

Brent crude futures rose 48 cents, or 0.5%, to $105.13 a barrel by 0630 GMT, after a near 4% rise on Thursday, Reuters reported.

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