Oil rose towards $74 a barrel today, rebounding from a six-week low of $72.65.

For March delivery, US crude increased by 32¢ to $73.99 a barrel at 5:10am GMT, while London ICE Brent crude rose by 24¢ to $72.48 a barrel, reports Reuters.

Oil prices have declined by 12% compared with $84 a barrel price achieved on 11 January.

The oil prices recovered as the US Government said it would end some asset purchasing and emergency lending programmes.

The recovery had also been triggered by US President Barack Obama’s assurance, during a speech to Congress, to create more jobs and double exports.