LONDON, Nov 7: Oil prices bounced back again on Friday in a volatile market that has seen a wave of buying and reaction selling in the wake of unexpectedly weak figures for US fuel stockpiles.

The price of Brent North Sea crude oil for December delivery gained 45 cents to $28.86 per barrel.

New York’s reference light sweet crude December contract rose 44 cents to $30.70 per barrel in early trade.

The price rally followed a sell-off on Thursday, which was itself a reaction to dollar-plus per barrel prices increases the day before on news of the US stocks figures.

These had shown unexpected weekly falls in inventories of fuels used to make heating oil and in stocks of gasoline, while crude oil levels were flat.

“Brent is a little bit stronger again as it got oversold on the close yesterday, exactly the opposite of what happened the day before,” said GNI trader Lee Elliott.

“The market is very volatile and it is extremely difficult to trade at the moment. The market is very nervous and is looking for a new trend.”

The weather was also having an impact.

“There is talk of colder weather in the US northeast following the recent mild spell and that is supportive for heating oil prices,” said Peter Gignoux, head of the petroleum desk at Citigroup Smith Barney.—AFP