Oil holds on to rebound, rallies more than 4%

Oil futures rallied Friday, shaking off sharp losses earlier in the day and rebounding from their lowest settlement in more than five years.

Light, sweet crude futures for January delivery CLF5, +5.17%  rose $2.42, or 4.4%, to finish at $56.52 a barrel on the New York Mercantile Exchange.

Brent crude for February delivery on London’s ICE Futures exchange LCOG5, +4.86%  rose $2.11, or 3.6%, to $61.38 a barrel. On the week, Brent lost 1.2%, also its fourth straight weekly loss.