World oil prices rose this evening, bouncing back from recent sharp falls, boosted by Chinese and European moves to fight the global economic downturn.
The market was also supported by the prospect of a possible OPEC output cut when the crude exporters' cartel meets this weekend in Cairo.
Traders meanwhile shrugged off data showing that US crude oil stockpiles surged last week - indicating that demand had tailed off in the world's biggest energy consumer.
Brent North Sea crude added $1.20 to $51.55 a barrel, while US crude gained 91 cents to $51.68. Oil fell heavily on Tuesday as traders took profits from Monday's sharp gains.
China - the world's second biggest energy consumer - announced a cut of 1.08 percentage points in its interest rates as part of efforts to boost economic growth. The European Commission meanwhile proposed a sweeping stimulus package worth €200 billion.
Trading will be shut in New York on Thursday for the Thanksgiving holiday break.
