NEW YORK, Jan. 20 -- Crude prices rose sharply as the February futures contract expired Tuesday.
As speculators covered short position, light, sweet crude for February delivery rose 2.23 U.S. dollars to settle at 38.74 per barrel on the New York Mercantile Exchange.
However, the March contract, where the vast majority of trading took place, fell as oil that must delivered in the next few weeks is cheaper than the contracts in the months ahead.
In London, the March Brent contract fell 1.25 dollars to 43.55 dollars on the ICE Futures exchange after Russia and Ukraine reached agreement on natural gas supplies.
As speculators covered short position, light, sweet crude for February delivery rose 2.23 U.S. dollars to settle at 38.74 per barrel on the New York Mercantile Exchange.
However, the March contract, where the vast majority of trading took place, fell as oil that must delivered in the next few weeks is cheaper than the contracts in the months ahead.
In London, the March Brent contract fell 1.25 dollars to 43.55 dollars on the ICE Futures exchange after Russia and Ukraine reached agreement on natural gas supplies.
