Receive Breaking News updates as they occur
Oil prices surged by nearly $4 a barrel in late trade Friday, rebounding from six-year lows on month-end covering and signs the industry is quickly tightening exploration activities. After a day trading slightly higher, around the $45 level, the US benchmark West Texas Intermediate crude for March delivery suddenly rocketed to more than $48. In London, Brent North Sea crude for March followed a similar trajectory, trading slightly lower over most of the session and then soaring more than $4. It's the end of the month, and there is a little bit of a short-covering rally," said Phil Flynn of Price Futures Group.