Crude back above $58 as oil prices continue rebound

Crude-oil futures rose early Monday as the excessive drop in oil prices in recent weeks sparked some buying interest and short-covering among investors before the end of the year, traders said.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, +1.00%  jumped $1.29, or 2.3%, to 58.52 a barrel, hitting the highest level since Dec. 11, according to FactSet data. February Brent crude on London’s ICE Futures exchange LCOG5, +1.17%  rose $2.59 to $62.60 a barrel.