Crude oil prices ripped higher Friday, trimming steep recent losses as calm returned to global markets.
March crude oil surged up 9%, gaining about $2.65 to $32.19 a barrel.
Oil has over the past two days rallied from its lowest in more than 12 years.
Bargain hunting and renewed confidence that central banks will prop up troubled economies have helped crude prices rebound.
Traders basically ignored bearish inventories data showing another large build in US stockpiles.
U.S. commercial crude inventories increased by 4 million barrels last week, adding to the biggest glut in 80 years.
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