Light, sweet crude futures prices for March and April delivery each gained more than $1 on Feb. 1 with the front-month price settling above $55/bbl on the New York market while Brent for April gained nearly $2 to approach $63/bbl in London.

US crude futures prices rallied in January after having dropped about 40% during the last quarter of 2018. Although crude prices regained about half of that in January alone, analysts note that markets remain volatile given worldwide geopolitical uncertainties.

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