LONDON: Oil prices rebounded on Friday ahead of key jobs data in the United States, the world's biggest energy consuming nation.

New York's main contract, light sweet crude for delivery in April, gained 46 cents to 80.67 dollars a barrel.

London's Brent North Sea crude for April was up 49 cents to 79.03 dollars.

"Crude oil prices rose towards 81 dollars per barrel, following news that China will maintain its economic stimulus package that drove overnight gains across the Asian markets and raised hopes for a boost in crude oil demand," said Sucden Financial Research analyst Myrto Sokou.

"However, markets are relatively quiet ahead of the non-farm payrolls release later today.

"It seems to be an interesting day in economic indicators with the main focus switching to the non-farm payrolls figures and unemployment rate at 1330 GMT which could provide a better reflection of the US employment conditions and give a direction in the crude oil prices," added Sokou.

Ahead of the data, the head of Libya's National Oil Company said the global oil market was oversupplied and that OPEC would not change production quotas when its members next meet in Vienna on March 17.

"There is an excess of supply in the market," said Shukri Ghanem, whose country is a member of the Organization of Petroleum Exporting Countries.

"We do not foresee a change in OPEC (production) quotas."

Ghanem added that "before considering an increase or a cut in production, (existing) quotas should be respected."

At its last meeting in Angola on December 22, the organisation that pumps about 40 percent of the world's crude oil decided to leave its total production unchanged at 24.84 million barrels a day.

Oil prices had meanwhile fallen on Thursday as data showed that pending sales of US homes had plunged in January and that industrial orders rose less than expected.

The oil market had also come under pressure from the natural gas market, where prices have tumbled to three-month lows after inventories fell less than expected, indicating weaker demand.

"Prices have been trading sideways between the 80 and 81-dollar range for the past few days," Hudson Capital Energy oil trader Clarence Chu said on Friday.

"If we take a long-term view, this is now a critical time. If we settle above 81 a few days in a row, a lot of people see it as a sign that we could break even higher," he added.