New York's main contract, light sweet crude for May delivery settled at 52.64 dollars a barrel, up 4.25 dollars from its Wednesday close.
In London, Brent North Sea crude for delivery in May rocketed 4.31 dollars to close at 52.75 dollars a barrel.
Investors welcomed decisions by the leaders of the Group of 20 top industrialized and developing countries at a one-day London summit to work together to fight the global recession and improve financial regulation.
Markets soared on the back of revived optimism that an economic recovery could be in sight, lifting oil prices higher on the prospects of a rebound in energy demand.
Crude futures were further underpinned by the European Central Bank's decision to slash eurozone interest rates to record low levels — a move that could help to lift demand for energy.
Author: Ksenia Kochneva
