Oil prices settle up about 2%

Oil prices rose about 2% on Wednesday, buoyed by worries about conflict in the Middle East, but gains were capped by higher U.S. crude inventories and gloomy economic prospects in Europe.

Brent crude futures rose $2.06, or 2.34%, to settle at $90.13 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $1.65, or 1.97%, to close at $85.39 a barrel.

Prices fell early in the session but reversed declines on heightened geopolitical risk, said Price Futures analyst Phil Flynn.

Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.

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