Oil jumps 4% after week-long selloff

Brent crude futures settled up US$3.19, or about 4.1%, at US$80.61 a barrel, while West Texas Intermediate crude (WTI) rose US$2.99, or 4.1%, at US$75.89.

NEW YORK: Oil prices jumped more than 4% on Friday, rebounding from a four-month low hit in the previous session, as investors who had taken short positions took profits and while US. sanctions on some Russian oil shippers lent support.

Brent crude futures settled up US$3.19, or about 4.1%, at US$80.61 a barrel, while West Texas Intermediate crude (WTI) rose US$2.99, or 4.1%, at US$75.89.