Oil prices jump, shrug off equity slump and glut concerns

Crude oil prices jumped as much as 2 percent in early Asian trade on Tuesday, shrugging off big drops in Japan's stock market and eroding some of the previous session's losses that were driven by festering concerns about global oversupply. It settled the previous session down $1.18 at $33.88. Prices on Monday were hit by a drop in U.S. equity markets amid persistent fears about the global economic slowdown.