Oil prices have started going up again.

On August 17, oil prices rose, rising from the six-month low of the day before. A higher than forecasted drop in oil and gasoline inventories in the US reminded investors of petroleum demand’s resilience, even in the face of a global recession, writes Reuters. Brent crude oil futures rose 0.6% to $92.90 per barrel. West Texas Intermediate (WTI) crude futures rose 0.7% to $87.15 a barrel. Contracts fell about 3% on Tuesday as weak US homebuilding data fueled fears of a global recession. According to Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd, the oil market is expected to remain under pressure with relatively high volatility due to fears of a potential global recession.