(VOVworld) – Global oil prices rebounded on Thursday, achieving their biggest daily gain this year.

A pump jack stands idle in Dewitt County, Texas January 13, 2016. (Photo: Reuters/Anna Driver)

By the end of Thursday’s trading session, the price of US WTI crude oil for March delivery had risen 1.18 USD to 29.53 USD a barrel.

Benchmark Brent for March delivery rose 1.37 USD to 29.25 USD a barrel, a 4.9% gain. But Brent has lost more than 25 percent of its value so far in January and is on track for its biggest monthly fall since 2008.