Oil prices jump, but oversupply worries persist

Brent crude was up $1.18, or 2.26 percent, at $53.34 a barrel at 0219 GMT, having earlier risen as much as 3.1 percent. 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. 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.

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