Crude oil prices show some recovery

NEW YORK, Oct. 17 (UPI) -- West Texas Intermediate and Brent crude oil prices each climbed toward the $85 per barrel mark, trading data Friday show.

WTI, the U.S. benchmark, for November delivery was up $1.43 to $84.14 in trading on the New York Mercantile Exchange. The benchmark climbed more than 90 cents Thursday, marking its first gain in four days.

For Brent, prices were up from $85.82 to $86.76 in early Friday trading. Brent, the international benchmark, crashed after Arab members of the Organization of Petroleum Exporting Countries cut their prices to shore up market share.

A sustained discount in crude oil prices has sparked fears that some countries that depend on oil export revenue may be adversely impacted, while producers, notably those in North American shale, could find it uneconomic to continue exploration and production.

Oil services company Schlumberger said despite the economic and oversupply fears driving prices down, the global economy is in good shape.

"While market sentiments are currently driven by fear of short-term over-supply, and although the oil demand outlook has been revised slightly downwards, we see little reason at the present time to change our view that the challenges of maintaining non-OPEC supply outside North America, the lack of growth in OPEC sustainable production capacity maintaining tightness in OPEC spare capacity, and the continuing geopolitical risks in some key producing regions all lead to a supply-demand situation that is relatively well-balanced," it said in a Thursday note.