Oil settles higher in ’decidedly bearish, but ‘badly oversold’ market

Oil futures rebounded Thursday, settling higher for a second straight session after dips below the key $30 level this week. But market watchers continue to voice concerns over swelling U.S. inventories and the potential for Iranian oil to add to the glut.

Natural-gas futures meanwhile, sank nearly 6% to their lowest settlement of the year so far, as data showed U.S. supplies of the commodity fell less than expected last week.

February West Texas Intermediate crude CLG6, -1.96%  tacked on 72 cents, or 2.4%, to settle at $31.20 on the New York Mercantile Exchange. On its expiration day, February Brent crude LCOG6, +2.28% traded on London’s ICE Futures exchange also settled up 72 cents, or 2.4%, at $31.03 a barrel.

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