Crude prices rise as February contract expires

NEW YORK, Jan. 20 (Chinese media) -- Crude prices rose sharply as the February

futures contract expired Tuesday.

As speculators covered short position, light, sweet crude for February

delivery rose 2.23 U.S. dollars to settle at 38.74 per barrel on the New York

Mercantile Exchange.

However, the March contract, where the vast majority of trading took place,

fell as oil that must delivered in the next few weeks is cheaper than the

contracts in the months ahead.

In London, the March Brent contract fell 1.25 dollars to 43.55 dollars on

the ICE Futures exchange after Russia and Ukraine reached agreement on natural

gas supplies.