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Oil Report

U.S. crude futures settle higher in volatile trade

NEW YORK, Dec 29 (Reuters) - U.S. crude oil futures settled more than $2 higher in seesaw trading on Monday, lifted amid fighting in Gaza, a weaker dollar, China’s intent to add to its strategic petroleum reserve and bargain hunting, sources said.

Crude futures ended below the intraday high above $42 a barrel and sources pointed to thin trading volume during the week between Christmas and New Year’s Day as helping create volatility.

On the New York Mercantile Exchange, February crude CLG9 rose $2.31, or 6.13 percent, to settle at $40.02 a barrel, trading from $37.53 to $42.20. (Reporting by Robert Gibbons)

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