Oil prices rebounded on Friday due to the fragile situation prevailing in Egypt and US employment data.

US crude rose 40¢ to stand at $90.94, while ICE Brent crude for March increased by 34¢ to $102.10 a barrel at 03.15 GMT, reports Reuters.

President Mubarak’s refusal to quit immediately has worsened conditions in Egypt and added to the uncertainty about oil supplies along the Egypt-controlled Suez Canal and the Suez-Mediterranean oil pipeline.

Oil traders also awaited data about US non-farm payrolls for January, due to be released today at 13.30 GMT, which would reflect the state of the US economy and its energy demand.

UK oil consultancy Oil Movements forecasts that OPEC will increase oil exports by 410,000 barrels per day next month.