LONDON: Brent oil prices plummeted this week to five-year lows underneath $60 per barrel as markets were rocked by shrinking Chinese manufacturing output, economic turmoil in Russia and ample crude supplies.

Brent is down nearly 14 percent and US West Texas Intermediate (WTI) crude has shed nearly 16 percent in December, and both have lost roughly 50 percent since their June highs. The market however rebounded on Friday, in line with gains on global stock markets, as investors snapped up bargain crude.

Brent’s front-month was up $1.18 at $60.46 a barrel by 1625 GMT. The contract settled down $1.91 on Thursday, after trading as high as $63.70 a barrel.

WTI’s January contract was up $1.64 to $55.75 a barrel after hitting a session high at $56.25. The February contract, which becomes WTI’s front-month from Monday, was up $1.71 at $56.07.