Oil Rises Above $115 Following Big Drop Friday

Oil rose slightly in early trading Monday following a big drop Friday to below $115 a barrel, Bloomberg reported.

Crude futures fell $6.59 Friday to close the week at $114.59 a barrel, cutting back earlier gains that put the price over $121, Bloomberg said.

Analysts attributed Monday’s early rise to $115.80 in part to the Russian parliament’s vote to recognize the independence of two breakaway regions of neighboring Georgia, Bloomberg said.

A key oil pipeline runs through Georgia, delivering oil to Europe.

The Department of Energy comes out with its weekly survey of retail gasoline and diesel prices Monday afternoon in Washington.