LONDON, Nov 26: World oil prices rose on Wednesday, bouncing back from recent sharp falls, boosted by Chinese and European moves to fight the global economic downturn, traders said.

The market was also supported by the prospect of a possible Opec output cut when the crude exporters’ cartel meets this weekend in Cairo, they added.

Traders meanwhile shrugged off data showing that US crude oil stockpiles surged last week -- indicating that demand had tailed off in the world’s biggest energy consumer.

On London’s InterContinental Exchange (ICE), Brent North Sea crude for delivery in January added $1.20 to $51.55 a barrel in early afternoon deals.

Light sweet crude for January won 91 cents to $51.68 a barrel on the New York Mercantile Exchange (NYMEX).Oil fell heavily on Tuesday, shedding more than $3.5, as traders banked profits from Monday’s sharp gains and fretted over a weak global economy that was likely to keep energy demand depressed.

Trading will be shut in New York on Thursday for the Thanksgiving holiday break.

—AFP