Crude oil futures rallied mildly on Friday, on robust U.S. employment data, as traders built long position at low prices.

New York's main contract, light sweet crude for delivery in February, rose 72 cents to close at 56.31 dollars a barrel,after felling to 54.90 dollars, the lowest since June 15, 2005.

In London, Brent North Sea crude for February delivery gained 53 cents to settle at 55.64 dollars, after hitting as low as 54.50 dollars.

The U.S. economy added 167,000 new jobs in December 2006, keeping the unemployment rate steady at 4.5 percent, the Labor Department reported on Friday.

The employment data provided fresh evidence that the slumping housing automotive sectors are not dragging down employment across the country. A strong economy means more demand for energy and support the oil prices.

U.S. commercial crude oil inventories dropped in the past week but supplies of gasoline and other refined fuels increased, the Energy Department said on Thursday in its weekly petroleum report.

Source: Xinhua