Analysts said factors behind oil’s jump on Friday included news of a huge drop in U.S. rig counts as producers respond to oversupply, as well as short covering on the last day of the month.
Light, sweet crude for March delivery CLH5, +7.37% on the New York Mercantile Exchange, also known as West Texas Intermediate, settled up by $3.71, or 8.3%, at $48.24 a barrel. It was the largest one-day percentage advance since June 2012, coming just one day after the contract traded below the $44-a-barrel level for the first time in nearly six years.
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