Brent crude futures rose 6.5 percent on May 9 to over US$116 a barrel, still well below their recent peak of more than US$126.

The relief rally comes after a week-long 17 percent decline in the price - including crude oil's biggest ever one-day fall on May 5, which was triggered by weak US economic data.

Many hedge funds speculating on the market are said to have made double-digit losses because of the crash.

US stock markets also rose on May 9, with the Dow Jones ending the day 0.4 percent higher.

Shares also fell last week because of concerns about the health of Western economies.

However, stock market movements have been much more subdued than the extreme volatility seen in the price of raw materials, particularly crude oil.

A lot of speculators are thought to have sold their positions during the slump on May 5, thereby worsening the market fall, and their losses.

The recovery was also seen in other - but not all - commodity markets. The prices of food, particularly grains, also rose.

The price of silver - which has seen some of the greatest speculation and highest volatility - jumped 11 percent, following a 33-percent slide over the previous week.

However, prices for industrial metals such as copper and aluminium remained largely unchanged.