Oil soared more than 10%, its biggest daily rise Since 2009

US oil futures soared more than 10% on Thursday, which is a single-session percentage gain most since March 2009, after a report said if Venezuela has urged OPEC to an emergency meeting. An emergency meeting is usually held in the world's largest oil cartel was to discuss the possibility of a reduction in output to help stem falling prices.

Earlier, oil prices also has drawn support from the recovery in equity markets and news about the decline in US crude supplies. Global market sentiment gradually recover amid growing optimism over the Chinese government's measures to stimulate the economy. While industry groups Genscape report showed oil stocks at Cushing, Oklahoma, re-shrink nearly 400,000 barrels since last Friday.

However, most analysts are still pessimistic if the "black gold" will be able to continue to strengthen to a higher level.