NEW YORK (AP) -- Oil is rebounding from 12-month lows on signs that financial leaders will move to bolster struggling European banks.
Benchmark crude on Wednesday jumped $2.71, or 3.5 percent, to $78.36 per barrel in New York, while Brent crude rose $2.30, or 2.3 percent to $102.09 in London.
Prices climbed after the International Monetary Fund said it could intervene to keep Greeces banking problems from spreading.
Concerns about the European financial crisis helped drop oil prices this week to the lowest level since September 2010.
Meanwhile, the Energy Department reported that oil and gasoline supplies dropped unexpectedly last week.
At the pump, retail gasoline prices lost nearly a penny to a new national average of $3.3989 per gallon.