Oil attempts to recover from major selloff

Crude-oil prices rose in Asian trade on Friday, recovering some ground after mostly falling this week as a glut of supplies showed no signs of abating.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX5, +1.12%  traded at $46.83 a barrel, up 45 cents in the Globex electronic session. December Brent crude LCOX5, -0.92%  on London’s ICE Futures exchange rose 37 cents to $50.10 a barrel.

“Oil sold off pretty heavily yesterday. There is a bit of a recovery rally today,” says Daniel Hynes, analyst with ANZ Bank. Oil settled at a nearly two-week low on Thursday.

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