LONDON, Oct 13: Oil prices rose more than $3 on Monday after world leaders united to tackle a financial crisis engulfing Europe and the United States, analysts said.

New York’s main contract, light sweet crude for delivery in November jumped $3.17 to $80.87 a barrel, recovering from one-year lows hit on Friday.

The contract had plunged $8.89 to $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.

On Monday, London’s Brent North Sea crude for November delivery won $3.02 to $77.11 a barrel in late morning deals.

Brent had plunged $8.57 on Friday to almost half its record high of above $147.50 reached in July, when supply disruptions sent prices soaring.

“Oil prices were higher on Monday after world leaders rushed out plans over the weekend to help stabilise their banking systems,” said Sucden analyst Nimit Khamar.

Meanwhile, Iran, the world’s fourth-largest oil producer, predicted over the weekend that Opec would cut oil output at its emergency meeting due next month.—AFP