Oil prices recover slightly from 6% slump

OIL prices rose yesterday following Monday’s fall of nearly $3 in the face of rising US stockpiles and expected warmer winter weather.

US crude futures rose 88 cents in morning trade to $42.20 a barrel, after Monday’s more than 6% slump. London’s International Petroleum Exchange was shut for a seasonal holiday.

Prices have slumped as a rise in US distillate inventories and weather forecasts calling for above-average temperatures eased anxiety about US winter fuel supply.