Oil prices settled higher today closing out higher for the first week of the year. Both contracts rebounded from losses yesterday on large refined products builds. “With the tensions in the Middle East, the geopolitical trading premium has to get pushed higher,” said John Kilduff, partner at Again Capital LLC. “It’s hard for traders to fight the headlines.” U.S. employers hired more workers than expected in December while raising wages at a solid clip, prompting financial markets to dial back expectations that the Federal Reserve would start cutting interest rates in March. Non-farm payrolls increased by 216,000 jobs last month, the Labor Department said. Economists polled by Reuters had forecast payrolls rising by 170,000 jobs. WTI $1.62 or 2.24% to close at $73.81. Brent traded up $1.17 or 1.51% to close at $78.76.