NEW YORK - OIL prices rose 3 per cent on Friday, with short covering amid choppy pre-holiday trade outweighing a gloomy demand outlook.
US light crude for February delivery settled up $1.11 to $36.51 (S$54.38) a barrel. The contract, which expires on Tuesday, sank on Thursday to $33.20, the weakest price in nearly a month.
London Brent crude for March delivery fell $1.11 to end at $46.57 a barrel, maintaining an unusual premium to the US benchmark due to growing US stockpiles.
'There's short-covering on the February contract, which is expiring on Tuesday,' said Mr Andy Lebow, broker at MF Global.
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