LONDON, Feb 17: Oil prices climbed on Friday for the second day in a row, recovering some of the ground lost over the past week, ahead of a long holiday weekend in the United States, dealers said.

New York’s main contract, light sweet crude for delivery in March, climbed 89 cents to $59.35 per barrel in pit deals.

In London, the price of Brent North Sea crude for April delivery added 93 cents to $59.72 per barrel in electronic trading.

“It is a correction. Oil is rebounding because the market felt it was oversold,” said Victor Shum, an energy analyst with Purvin and Gertz.

Shum added that the coming long weekend in the United States was also having a supportive effect as traders covered themselves ahead of the extended break.

The New York market will be closed for the President’s Day public holiday on Monday.

Oil prices had tumbled on Wednesday after the weekly US Department of Energy inventories report showed better-than-expected US crude and heating oil supplies.

In the wake of the news, New York crude futures hit a two-month low on Wednesday, sinking to $57.60 per barrel.

“Geopolitical issues are still providing some support to the market,” analysts at the Sucden brokerage firm said Friday.

—AFP