Oil prices rallied this evening as world leaders united to tackle a financial crisis engulfing Europe and the US.
US crude jumped $2.92 to $80.62 a barrel, recovering from one-year lows hit on Friday. London's Brent North Sea won $2.05 to $76.15.
Traders said the announcements over the weekend helped lift sentiment and calmed fears of a global recession.
Meanwhile Iran, the world's fourth-largest oil producer, predicted over the weekend that OPEC would cut oil output at its emergency meeting due next month.
The 12-nation group last week announced it would hold a meeting in Vienna on November 18 to discuss the effects of the international financial crisis.
