Oil prices were higher today trading up 2% bouncing back from multi month lows. On Monday, Brent slumped to its lowest since early January and WTI touched its lowest since February, as a global stock market rout deepened on concerns about a potential recession in the U.S. after weak jobs data. This broke a three day streak of declines. U.S. crude stocks fell for a sixth week in a row, dropping by 3.7MM/bbls compared to a forecasted draw of 700K/bbls. “The story here really is that demand is stronger than people thought and overall supplies are tighter,” said Phil Flynn, an analyst at Price Futures Group. “Crude supply is below average for this time of year.” WTI traded up $2.03 or 2.77% to close at $75.23. Brent traded up $1.85 or 2.42% to close at $78.33.