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Oil prices rise amid fears of a drop in global economic growth
Oil prices rose nearly 2 percent in volatile trading supported by Wall Street's recovery, despite continuing concerns about a drop in global economic growth that could affect demand for crude.
Global Brent crude was $ 54.91 a barrel, up $ 1.11, or 2.1 percent, after trading at $ 52.51 to $ 56.56 a barrel.
US WTI rose 1.13 dollars, or 2.5 percent, to settle at $ 46.54 a barrel. Crude had earlier fallen to $ 44.35 a barrel, while hitting a session high of $ 47.78 a barrel.
Concerns about the economic slowdown and abundant supply have caused oil prices to fall from their highest level in years in October 2018. Oil prices in 2018 ended the first decline since 2015.
The signs of increased production show the challenges faced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, seeking to support markets by cutting crude supply by 1.2 million bpd.
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