LONDON, Oct 14, 2008 (AFP) - Oil prices rallied further on Tuesday after world leaders rolled out measures to tackle the global financial crisis, dealers said.

New York's main contract, light sweet crude for delivery in November jumped 2.54 dollars to 83.73 dollars a barrel in electronic trade.

The contract, which also won 3.49 dollars on Monday, has recovered since striking a one-year low on Friday amid fears of widespread economic meltdown.

On Tuesday, London's Brent North Sea crude for November delivery won 1.99 dollars to 79.45 dollars a barrel in morning deals, after gaining 3.37 dollars on Monday.

'The government interventions are probably a good step in trying to unlock the credit freeze, but crude oil will gain (significantly) only when there is unlocking of the demand freeze,' said Petromatrix analyst Olivier Jakob.

Global stock markets soared for a second day running on Tuesday, with Tokyo posting its biggest-ever gain after governments worldwide threw lifelines to ailing banks amid the worst financial crisis of the past century.

Jakob added: 'Clearly, the global investor is finding more ... buying opportunities in equities than in commodities.'