Energy futures prices advanced in trading on the New York Mercantile Exchange Thursday.
The February contract for light, sweet crude rose 85� to $30.45/bbl, while the March contract rose 87� to $28.67.
Refined petroleum products also closed higher on the NYMEX, with February home heating oil gaining 2.63� to 84.15�/gal, while unleaded gasoline for the same month edged up 0.01� to end at 85.80�/gal.
The market climbed in reaction to the previous session's major setback.
Some traders said that the rise was prompted by technical factors as the market was at an oversold state.
Home heating oil was the leader of the session, which climbed on forecasts of a storm in the country's northeast over the weekend, as well as lower-than-normal temperatures.
Analysts said the market was also helped by comments by President-elect George W. Bush regarding Iraq.
Some traders believe there will be an increase in tensions between the two countries as Bush president settles into office.
In after-hours electronic access trading in New York, light, sweet crude was fetching $30.43/bbl for the February position and $28.65 dollars for the March contract, both down from the NYMEX close.
Meanwhile, in London Thursday, North Sea Brent crude oil futures rallied sharply on the International Petroleum Exchange, in line with the surge in NYMEX futures values.
On Thursday, IPE March Brent futures settled at $25.55/bbl, up by 76� from the previous close, and appeared likely to rise closer to $26 Friday ahead of the weekend's severe weather.
On the IPE, the February natural gas contract settled at the equivalent of $4.06/Mcf, down 9�.
On the Singapore exchange, the February contract for Brent crude rose 83� to $25.62. The March contract rose 70� to $25.07.
The OPEC basket of seven crudes stood at $23.93/bbl on Thursday, compared with $23.66 the previous day.
