World oil prices rose this evening, reversing losses from the previous day, as traders welcomed news that the US, the world's biggest energy consuming nation, has emerged from recession.
Prices were also boosted by a weaker US dollar, which makes dollar-priced oil cheaper for buyers holding stronger currencies and tends to stimulate demand. US crude soared $2.26 to $79.72 a barrel, while Brent North Sea crude rose $1.97 to $77.83.
Earlier, US government figures showed that the country's economy emerged from a severe recession in the third quarter, recording the strongest growth in two years as government stimulus measures boosted consumer spending.
Oil prices had slumped on Wednesday after fresh data showed rising US crude and petrol stockpiles in an indication of falling demand.
