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Oil prices recovering some ground


Global oil prices have risen after recovering some ground after Wednesday's big falls.

US light crude was up 45 cents to $63.80 a barrel, while in London, Brent was ahead by 90 cents to $67.43.
The gains came after US light crude slumped $3.88, or almost 6%, on Wednesday due to data showing a large rise in US oil stockpiles.
Analysts said some of the rebound was expected, helped by rises on the global stock markets.
With Japan's Nikkei ending up 0.5%, and the UK's FTSE ahead by 1.4% in late morning trading, these gains helped restore investor confidence in future oil demand.
In July last year, the price of oil peaked at around $147 a barrel, before falling back to close to $30 at the start of 2009 due to the impact of the global recession.
Oil prices have recovered to around $60 since then, but volatility remains.
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