Oil prices rally 5% after more jawboning from OPEC members

Oil-futures prices on the New York Mercantile Exchange rebounded Friday on short-covering after touching a more than 12-year low the previous day.

Light, sweet crude futures on Nymex for delivery in March CLH6, +4.73%  traded at $27.48 a barrel, up $1.27, or 4.9%, in the Globex electronic session. April Brent crude LCOJ6, +4.76%   on London’s ICE Futures exchange rose $1.46, or 4.9%, to $31.52 a barrel.

Prices touched a low of $26.05 a barrel a day ago, the lowest settlement since May 6, 2003, as the market largely ignored a drop in weekly U.S. crude-oil inventories. A supply glut has dragged prices down over the past two years.

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