Oil prices are higher in Asia on Monday after world leaders united to tackle a global financial crisis engulfing Europe and the US, analysts said.
New York's main contract, light sweet crude for delivery in November was USD 2.45 higher at USD 80.15 a barrel, recovering from one-year lows reached on Friday.
The contract had plunged USD 8.89 to USD 77.70 at the end of last week, in tandem with a global equities meltdown on fears of recession that would crimp demand for energy.
Brent North Sea crude for November delivery traded USD 2.18 higher at USD 76.27.
On Friday in London, Brent fell by USD 8.57 to settle at USD 74.09.
Oil prices have already plunged from record highs above USD 147, reached in July, because of demand worries, dealers said.
But today's recovery followed weekend signals by US and European leaders that they have a growing commitment to take joint action to end the turmoil after the Wall Street collapse of investment bank Lehman Brothers unleashed a worldwide crash on stock markets.
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