Energy futures prices closed sharply higher in trading on the New York Mercantile Exchange Friday.
The March contract for light, sweet crude rose $1.37 to $31.19/bbl, while the April contract stood at $30.39, up by $1.33.
Refined petroleum products also ended stronger, with March home heating oil climbing 4.30� to 82.14�/gal, while unleaded gasoline for the same month rose 4.44� to 89.45�/gal.
The March contract for natural gas rose 36.3� to $6.743/Mcf.
In after-hours electronic access trading in New York, light, sweet crude brought $31.21/bbl for the March position and $30.44 for the April contract, both up from the NYMEX close.
Meanwhile, in London Friday, North Sea Brent crude oil futures went from strength to technical strength on the International Petroleum Exchange, in relatively thin volume.
March Brent futures soared through resistance at $29/bbl on technical buying and a general perception that supply would remain tight through the first quarter.
However, brokers doubted prices could be maintained at this level for long. A correction to around $27/bbl was likely in the near term, they said.
On Friday, IPE March Brent settled at $29.19/bbl, up by $1.09 from the previous close. The day's high was $29.30 and the low $27.70.
On the IPE, the March natural gas contract closed at the equivalent of $3.61/Mcf, up 3�.
The Organization of Petroleum Exporting Countries' basket of seven crudes stood at $26.58/bbl Friday, compared with $25.13 the previous day.
The basket this year to Feb. 1 has averaged $24.05/bbl.
December's OPEC basket average was $24.13/bbl and November's was $31.22.
