Oil prices held steady at around $80 a barrel this evening, as international banking rescue efforts raised hopes of a global economic recovery and in turn stronger energy demand.
New York's main contract, light sweet crude for delivery in November, gained 30 cents to $81.49 a barrel. The contract, which had gained $3.49 yesterday, has recovered since striking a one-year low last Friday amid fears of widespread economic meltdown.
London's Brent North Sea crude for November delivery increased by 20 cents to $77.66 a barrel, after gaining $3.37 yesterday.
Global stock markets soared for a second day running today, after governments worldwide threw lifelines to ailing banks amid one of the worst financial crises of the past century.
In particular, the US government said it would spend up to $250 billion to buy shares in struggling banks.
Despite rising this week, crude oil prices remain far below record high points of above $147a barrel reached in July.
Last week, the OPEC oil producers' cartel announced it would hold an extraordinary meeting in Vienna on November 18, as member countries fret over the effects of the global financial crisis on crude prices.
