U.S. benchmark West Texas Intermediate futures settled up $3.23, or 12.32 percent, at $29.44 a barrel, and was last trading up $2.83, or 10.76 percent, at $29.03 per barrel at at 3:29 p.m ET, off the day's high of $29.66. It hit a 12-year low of $26.05 in the previous session. For the week, it was on track for a 5.5 percent loss.