Oil rose more than 1 usd amid positive sentiment on the equity markets that allayed some fears of lower demand for crude. Some bargain hunting after New York's main WTI oil contract settled at its lowest level since October last year and nervousness ahead of weekly US inventory data also supported crude prices. Wall Street is expected to open higher, London shares were strong and European shares were also up today. "Unless the economic situation deteriorates even further and we see more heavy losses on global equity markets, crude should remain firm in the longer run," said Andrey Kryuchenkov, an analyst at Sucden. At 1.44 pm, New York's WTI crude for March delivery was up 1.04 usd at 88.03 usd per barrel. In London, Brent crude for March delivery was up 1.08 usd at 87.70 usd per barrel. US inventory data at 3.30 pm today is expected to show in the week to Jan 18 crude stocks rose 2.31 mln barrels, distillates -- which include heating oil -- fell 350,000 barrels and gasoline inventory rose 1.45 mln barrels. Although US crude stocks recently hit their lowest point in three years, last week's report showed crude stocks have recovered, posting their first rise in nine weeks. New York's main benchmark has lost around 12 pct since hitting a record 100.09 usd per barrel in the first week of January, in part because of fears the US is headed for a recession that would most likely dry up investment into commodities.