LONDON, Oct 14: Oil prices held steady at around $80 per barrel on Tuesday, as international banking rescue efforts raised hopes of a global economic recovery and in turn stronger energy demand, dealers said.

New York’s main contract, light sweet crude for delivery in November, gained 30 cents to $81.49 a barrel in electronic trade.

The contract, which had won $3.49 on Monday, has recovered since striking a one-year low last Friday amid fears of widespread economic meltdown.

On Tuesday, London’s Brent North Sea crude for November delivery won 20 cents to $77.66 a barrel in late morning deals, after gaining $3.37 on Monday.

“Prices have risen as government moves to rescue banks have raised hopes for an economic recovery,” said Barclays Capital analyst Kevin Norrish.—AFP