Oil prices rebounded to trade near $80 a barrel today.

For November delivery US crude rose by 48¢ to stand at $79.97 a barrel by 03.05 GMT, while London Brent crude for December gained 39¢ to $80.55 a barrel, reported Reuters.

China remained the main driver of growth in the crude market this year with soaring imports.

Data from the American Petroleum Institute revealed crude inventories rose by 2.3 million barrels last week, while distillates fell by 854,000 barrels and petrol dropped by 83,000 barrels.