US oil prices gained 5.18 percent owing to an unexpected drop in domestic crude stockpiles. US crude stocks eased by 4.9 million barrels last week as imported declined.
Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.