The price of US oil is up this evening, but is still headed for its biggest weekly decline since late June as traders are uncertain about the global economy.
US benchmark crude rose 73 cents to $93.16 a barrel on the New York Mercantile Exchange.
Before today's rise, oil had fallen 7% since last week, when the price briefly topped $100 per barrel for the first time in four months.
Traders had driven oil prices up by 30% since late June in anticipation of new measures from the world's central banks to boost economic growth.
This week they woke up to some cold hard facts - there is no easy fix for the global economy, demand for oil is slowing and there is plenty of supply. Production in the US, Canada, Iraq and Saudi Arabia has increased enough to make up for losses from Iran, Venezuela and elsewhere.
