Oil prices rebounded strongly on Thursday, leading a strong rally for commodity markets as risk appetite strengthened on news that the US economy had escaped recession in the third quarter.

Nymex December West Texas Intermediate rose $3 to a session high of $80.46 a barrel before easing back slightly to trade $2.41 higher at $79.87, while ICE December Brent jumped $2.18 to $78.04 a barrel.