World oil prices are rising slightly Wednesday morning after declining over the previous few days, trading data showed.
The price of February Brent crude oil futures rose 0.3% to $79.58 a barrel, while January WTI futures rose 0.23% to $74.42.
The cost of oil is rising after a decline in recent trading days. Futures prices for both grades of oil fell about 8% in three days amid fears about a possible recession in the U.S. in light of the Fed's continued rate hikes in the country. Thus, the recession may become the reason for a decrease in demand for black gold.