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Oil prices jump, but oversupply worries persist by www.expertcommodity.com
© Reuters. An oil well pump jack is seen at an oil field supply yard near Denver
Oil prices jumped as much as 3 percent on Friday to win back a chunk of the ground they lost in the previous session, but growth in U.S. crude stockpiles and ongoing concerns about the global economy kept markets under pressure.
Brent crude was up $1.18, or 2.26 percent, at $53.34 a barrel, having earlier risen as much as 3.1 percent. It dropped 4.24 percent, or $2.31, the day before to settle at $52.16 per barrel.
U.S. West Texas Intermediate (WTI) crude futures, were at $45.62 a barrel, up 2.26 percent, or $1.01, after earlier rising 3.6 percent. They ended Thursday down 3.48 percent, or $1.61, at $44.61 a barrel.

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Oil prices fell to their lowest in more than a year on Thursday, a day after their biggest one-day rally in two years, pulled down by worries about the global economy and a supply glut.
"Global economic slowdown worries have been weighing on stock market movements, and oil prices are not free from those concerns."
Asian stocks edged up on Friday after U.S. shares extended gains for a second straight day.
Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said crude prices had been pressured by slowing economic growth "coupled with the expectation of strong U.S. production in the new year".
U.S. crude inventories for the week to Dec. 21 rose by 6.9 million barrels to 448.2 million barrels on increased refinery output, according to data released on Thursday by industry group the American Petroleum Institute. The U.S. Energy Information Agency (EIA) releases its official report on Friday.

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