Oil continued on its rollercoaster ride, with volatility soaring on uncertainty over OPEC and American supply, a trade war between the US and China and the Federal Reserve's monetary policy.
Futures in New York were up 2.6 percent, recovering from a 3.5 percent drop on Thursday. Crude's being whipsawed as fears persist that output cuts by OPEC and its allies will not be enough to counter US production. That has sent a gauge of price swings soaring more than 110 percent over the past three months. Just this week, oil tumbled 6.7 percent on Christmas Eve, only to bounce back almost 9 percent in the next session.