Oil prices inch up as recession fears begin to fade

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County By Sudarshan Varadhan SINGAPORE (Reuters) – Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede. Brent crude futures were up 6 cents at $75.36 a barrel at 0022 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $71.42. Concerns that the U.S. banking crisis will slow the economy and sap fuel demand in…