Crude oil futures prices rebounded above $48 a barrel in light trading Friday on the back of bargain-hunting by traders following a drop in prices the previous day.

Light sweet crude for March delivery rose 81 cents to settle at $48.35 a barrel on the New York Mercantile Exchange. March heating oil prices rose 3.65 cents to $1.3493 a gallon on Nymex, which closed early at 1 p.m. ahead of the Presidents Day holiday in the United States.

Brent crude for April delivery rose 52 cents to $46.34 on the International Petroleum Exchange in London.

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