Oil prices up sharply as supply concerns outweigh recession fears

Brent and West Texas Intermediate crude prices were both up more than 5% in mid-afternoon trading, as supply fears overweighed growing concerns of a recession in the US and Europe.

Brent crude futures were up $5.39, or 5.4%, at $106.08 a barrel by 12:23 p.m. EDT (1623 GMT). WTI prices were up $5.61, or approximately 5.7%, to $104.14 a barrel.