NEW YORK, Dec. 7 (Xinhua) -- Oil prices rose more than 1 percent on Thursday, as investors covered short positions after sharp losses in the previous session.

The West Texas Intermediate for January delivery increased 73 U.S. cents to settle at 56.69 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery rose 98 cents to close at 62.20 dollars a barrel on the London ICE Futures Exchange.