Crude Oil Prices Continue Upward Climb

Oil prices on Friday recorded another gain, rounding off a turbulent week which saw futures swinging between big gains and heavy losses.

Brent crude oil and U.S. crude for March delivery traded almost two dollars higher, promising a steady appreciation in the weeks ahead.

Benchmark Brent crude traded 1.90 dollars higher at 58.47 dollars per barrel, while the U.S. crude for March delivery traded at 52.18 dollars per barrel, up by 1.70 dollars.

Oil prices gained nearly 20% in the first half of this week, but prices sank again midweek as a report showed soaring U.S. oil supplies. On Thursday, oil rallied again, with U.S. crude regaining the $50-a-barrel level.

The steady appreciations were attributed to fighting in Libya and stronger economic signals from the U.S. which had helped futures rebound from near-six-year lows.