Oil futures rallied Friday, shaking off sharp losses earlier in the day and rebounding from their lowest settlement in more than five years.
Light, sweet crude futures for January delivery CLF5, +5.17% rose $2.42, or 4.4%, to finish at $56.52 a barrel on the New York Mercantile Exchange.
Brent crude for February delivery on London’s ICE Futures exchange LCOG5, +4.86% rose $2.11, or 3.6%, to $61.38 a barrel. On the week, Brent lost 1.2%, also its fourth straight weekly loss.
January platinum PLF5, -0.03% dipped by a dime to settle at $1,197.00 an ounce, while March palladium PAH5, +1.70% gained $12.95 to end at $805.10 an ounce.
High-grade copper for March delivery HGH5, +1.54% tacked on 3 cents to settle at $2.88 a pound.
Gold prices edged up Friday yet still suffered a 2.2% drop for the week, staying under the closely-watched level of $1,200.
Gold for February delivery GCG5, -0.03% inched higher by $1.20, or 0.1%, to settle at $1,196.00 an ounce. March silver SIH5, +0.82% gained 10 cents, or 0.6%, to end at $16.03 an ounce.
