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Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia's oil minister on Friday added to the most volatile market in three years.
West Texas Intermediate (WTI) climbed 4.5 per cent in New York, the biggest gain since August 2012. Both WTI and Brent rose more than five per cent during the session.
WTI for January delivery rose $2.41 to settle at $56.52 a barrel on the New York Mercantile Exchange. The February future gained $2.77, or 5.1 per cent, to $57.13. Brent for February settlement increased $2.11 to $61.38 a barrel on the London-based ICE Futures Europe exchange. The North Sea oil was little changed this week and down 45 per cent in 2014.
