World oil prices rebounded on Tuesday from one-month low points, as many traders went bargain hunting and sentiment was boosted by soaring global stock markets. New York's main contract, light sweet crude for August delivery, rallied 90 cents to 73.04 dollars per barrel. Brent North Sea crude, also for August delivery, jumped 1.18 dollars to 72.65 dollars.
European stock markets soared on Tuesday, mirroring bumper gains in Asia, as investors snapped up bargains and were comforted by an upbeat economic outlook from Australia's central bank. Markets in Madrid and Milan rose more than 3.0 percent in the wake of gains elsewhere in Europe. Madrid was up 3.31 percent and Milan 3.20 percent at mid-day.
Later on Tuesday, oil traders will focus on a raft of economic data in top energy consuming nation the United States. "Today, market participants will be watching for the US non-manufacturing PMI figures for June and the US employments trends data," said analyst Myrto Sokou at the Sucden Financial Research brokerage.
"It is likely to be a week with thin trading conditions due to the lack of major economic indicators and due to the Independence Day holiday in the US on Monday." As a result of the public holiday, the US government's weekly snapshot of American crude oil inventories will be published on Thursday. In earlier trading on Tuesday, oil sank to fresh one-month lows, as weak US employment data continued dampening sentiment, analysts said.