Oil prices rebounded from a seven-week low to trade near $72 a barrel today.

For October delivery, US crude gained 27¢ to stand at $71.90 a barrel by 06.43 GMT, while London Brent crude rose 38¢ to $72.76 a barrel, reports Reuters.

Data from the American Petroleum Institute revealed crude stockpiles dropped by 1.8 million barrels in the week ended 20 August 2010, while petrol stockpiles rose by 700,000 barrels and distillates climbed by 1.9 million barrels.