Oil closes higher for first time in 4 sessions

Oil prices ended higher after a volatile session today, Aug. 6, as investors weighed the risks of a widening conflict in the Middle East against concerns about a US economic recession and weak demand from China.

Brent crude futures for October delivery rose 0.25%, or 18 cents, to close at $76.48 a barrel, after losing about 5.60% since the end of July.

WTI crude for September delivery increased by 0.35%, or 26 cents, to $73.20 a barrel, after losing 6.35% during the past three sessions.

The US Energy Information Administration (EIA) expects oil prices to rise during the second half of this year, to range between $85 and $90 per barrel, due to an expected decrease in global oil inventories by 800,000 barrels per day.

The American Petroleum Institute's report on oil inventories is expected later today, and the EIA is scheduled to release official inventory data on Aug. 7, amid expectations of a 1.6 million barrel drop in crude inventories.