Aryanews- World oil prices rebounded strongly on Tuesday, winning support from soaring stock markets and a modest energy demand upgrade from the International Energy Agency.
New York's main contract, light sweet crude for delivery in August, jumped 1.94 dollars to 76.89 dollars a barrel. London Brent North Sea crude for August soared 2.11 dollars to 76.48 dollars.
Oil prices were "supported by a rebound in the global equity markets and amid expectations of a further drawdown in (US) crude oil inventories," said Sucden analyst Myrto Sokou.
"Market participants might focus on the US earnings results from Intel today and JP Morgan later this week for further signs of the global economic conditions that could affect oil demand levels in the near term," she added.