Updated from 1:35 p.m. EST

Crude oil prices Monday rebounded from last week's swoon.

The January futures contract closed 44 cents higher at $42.98 in Nymex floor trading, following a 14% slide last week -- the latest and most pronounced leg in a six-week correction.

Prices rose after gunmen attacked the U.S. consulate in Jeddah, Saudi Arabia. Four guards were killed but no U.S. citizens were harmed before authorities restored control.

There was also renewed speculation that OPEC would take steps to support prices at its meeting in Cairo on Friday. The cartel boosted its official production ceiling three times since July to cool price gains during their record run.

As of Friday's market close, the benchmark U.S. crude was down 23% from its record closing high of $55.17 in late October.

Prices fell sharply last week on the latest industry and government data, showing ample supplies of heating oil going into the winter season.