World oil prices soared today, mirroring the performance of world equity markets, as traders followed euro zone debt developments closely.
Brent North Sea crude for delivery in November jumped $2.91 to $106.85 a barrel in London deals. New York's main contract, West Texas Intermediate (WTI) for November, rallied $3.65 to $83.89.
Analysts said the gains were mainly due to a change of sentiment on financial markets, reflected in rising equity markets and a somewhat weaker US dollar. But they warned that the downside risks for the economy and oil demand have not disappeared overnight, so a renewed price fall cannot be ruled out.
Greek Prime Minister George Papandreou was to meet German Chancellor Angela Merkel for talks later today on containing a euro zone debt crisis which US President Barack Obama said is scaring the world.
Stock markets around the globe rallied sharply on hopes European leaders would finally get a grip on the long-running crisis threatening the euro project, even if analysts cautioned such euphoria could prove short-lived.
