World oil prices rebounded from one-month lows on bargain hunting, with sentiment boosted by soaring global stock markets.
New York's main contract, light sweet crude for August delivery, rallied $1.42 to $73.56 a barrel.
Brent North Sea crude for August jumped $1.49 to $72.96.
European stock markets soared, mirroring bumper gains in Asia, as investors snapped up bargains and were comforted by an upbeat economic outlook from Australia's central bank.
In early trade today, oil sank to fresh one-month lows as weak US employment data continued dampening sentiment, analysts said.
Oil hit $70.77 in London and $71.09 in New York, plumbing the lowest levels since 7 June.
Last week's weak US jobs data dragged down oil prices as well as Asian equities markets.
