Oil prices jumped $2 to $72 a barrel this evening, lifted by a broader rise across financial markets and expectations that OPEC could cut output at an emergency meeting next week.
US crude rose $2.22 to $72.07, while London Brent crude gained $1.60 to $69.44.
The financial crisis and high fuel prices earlier this year have eroded demand growth in the US and other big consumer nations, sending oil down from records over $147 a barrel.
Analysts said oil traders were betting also that the Organisation of the Petroleum Exporting Countries (OPEC) would reduce supply to support prices.
The producer group has brought forward an emergency meeting to October 24 from November 18 to discuss the impact of global recession on oil markets.
Qatar's Oil Minister Abdullah al-Attiyah said he expected OPEC to cut oil production by 1 million barrels per day (bpd) or more at the meeting.
