Oil prices rise over $1

Crude oil prices rose more than $1 a barrel on Friday, continuing a rebound from near-six-year lows plumbed last week, although no rapid recovery is expected amid rising global inventories and steady OPEC supply.
Prices closed more than 4 percent higher on Thursday, pushed up by conflict in producer Libya and expectations of a boost to oil demand after China’s central bank easing.
Benchmark Brent crude futures were $1.30 higher at $57.86 a barrel at 0611 GMT, after closing up $2.41 on Thursday.
US crude for March delivery was up $1.28 at $51.78 a barrel.
The contract had finished up $2.03 the previous day.
Physical demand has been boosted recently by traders storing crude on tankers to benefit from higher prices for delivery in future months - a market structure known as contango - and stockpiling by major importing countries such as China and India.