Crude oil settled up 8 percent, or $3.71, at $48.24, its best day since June 2012.» Read More
Lynnden Brannigan, head of technical strategy at Barclays, discusses currencies and oil movements.
Chevron reported fourth-quarter earnings and revenue that beat analysts' expectations on Friday.
Wall Streeters in CNBC's Fed survey forecast that WTI crude's slide hasn't hit bottom.
Get the best of CNBC in your inbox