World Crude Price Recovered Awaiting Holiday

World crude oil prices rallied by more than 1 dollar Friday on the eve of a long holiday weekend for the President's Day public holiday, while Nigeria oil product faced new security challenges.

US light sweet crude for delivery in March, rose $1.42 to $59.88 per barrel in closing deals. This contract fell to $57.65 per barrel on Wednesday, the lowest close for front-month oil futures since Dec.19., as U.S. energy stockpiles grew.

In London, the price of Brent North Sea crude for April delivery climbed 1.10 dollars to close at $59.89 per barrel.