Oil prices inch up as recession fears begin to fade

Oil prices have gone up slightly in Asia, with concerns about a US recession – which caused prices to plummet for three consecutive weeks – starting to subside. Brent crude futures rose by six cents, reaching $75.36 a barrel, while the US West Texas Intermediate (WTI) crude futures increased by eight cents, climbing to $71.42. Concerns over the US banking crisis, and its potential impact on oil demand in the world’s largest oil-consuming nation, saw the Brent benchmark drop by 5.3% last week and WTI plummet by 7.1%.