Oil prices rose strongly on Friday as traders fretted over supply worries amid violence in Nigeria, the world's sixth-biggest exporter.
Market participants feared fresh outbreaks of violence in the run-up to Nigeria's presidential elections this weekend may disrupt supplies from Africa's biggest crude-producing nation.
New York's main oil futures contract, light sweet crude for delivery in May, closed up a sharp US$1.55 at US$63.38 per barrel after heavy losses the previous day.
In London, the price of Brent North Sea crude for June delivery settled up US$0.55 at US$66.49 per barrel.
"Crude futures were firmer today [Friday] ... ahead of the Nigerian presidential elections this weekend," said Michael Davies, an analyst at the Sucden brokerage in London.
"There have been violent demonstrations recently, with the opposition holding a protest rally ahead of the election and during last week's state polls," Davies said.
Nigerian President Olusegun Obasanjo called for a crackdown on vote rigging ahead of Nigeria's landmark presidential election yesterday after a campaign plagued by violence.
New York oil prices rebounded dramatically after slumping on Thursday on reports that US refiners were ramping up their production of gasoline, and as the market put lingering Iran-related geopolitical jitters temporarily aside.
The refining news offset data published on Wednesday by the US Department of Energy that showed US gasoline reserves fell 2.7 million barrels last week, the 10th consecutive drop and heavier than forecasts for a drop of 1.9 million.
Dealers are watching gasoline statistics closely before the US summer driving season starts next month, when many US citizens hit the roads for their vacations.
Concerns about Iran's controversial nuclear program meanwhile continued to occupy the market.
The UN atomic watchdog said late on Wednesday that Iran, the world's fourth-biggest crude producer, had started feeding uranium gas for enrichment at a nuclear plant where it has installed more than 1,300 centrifuges.
Pushed by fears Iran is secretly developing nuclear weapons, the UN Security Council has already imposed sanctions on Iran for failing to halt uranium enrichment.
Elsewhere, analysts shrugged off market concern that China's impressive economic growth during the first quarter could result in Beijing raising interest rates and thus crimping Asian crude demand.
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