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Oil prices rose US$3 this morning, as global markets rallied after governments launched bailout schemes to shore up banks.
European governments announced rescue packages to ensure liquidity during the global financial crisis, and the US Federal Reserve moved to guarantee the solvency of the country's largest banks.
US crude gained US$3.05 to US$80.75 a barrel after concerns about the effect of the financial crisis on demand and a flight of investors into safer havens had sent prices reeling on Friday to their lowest levels since Sept. 10, 2007.
London Brent crude rose US$2.53 to US$76.62 barrel.
