VIENNA, Austria — A pledge by European countries to keep the banking sector afloat injected optimism into oil markets today, with prices rebounding from a 13-month low to rise well above $80 a barrel. Gasoline and heating oil also recorded substantial gains.

The market was also supported by OPEC's decision to call a special meeting next month amid members' concerns that prices have fallen about 45 percent since soaring to a record $147.27 on July 11.

Light, sweet crude for November delivery was up $2.77 to $80.47 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. The contract fell Friday $8.89 to $77.70, the lowest price since Sept. 10, 2007.

"The turnaround in oil today is due primarily to the European bank rescue plan," said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore. "It's a shot in the arm, though it's too early to know if this will restore confidence to the credit markets."

Vienna's JBC Energy noted that the joint European decision "injected some optimism into markets."

In other Nymex trading, heating oil futures shot up by more than 12 cents to $2.34 a gallon, while gasoline prices gained more than 9 cents to fetch $1.90 a gallon. Natural gas for November delivery rose by more than 15 cents to $6.89 per 1,000 cubic feet.

In London, November Brent crude rose $3.97 to $78.06 a barrel on the ICE Futures exchange.

Oil's gains reflected worldwide stock market recoveries a day after an emergency summit of leaders of the 15 euro-zone countries in Paris. European governments agreed to guarantee new bank debt until the end of 2009, opened the door to state acquisitions of preferred shares in banks, and vowed to rescue important failing banks through emergency recapitalization.

Individual governments will announce how they will implement the measures.

The plan follows Britain's $88 billion plan to partly nationalize major banks and to guarantee a further $438 billion of loans to shore up the banking sector.

U.S. lawmakers Sunday urged quick action by President Bush on measures to make direct purchases of bank stock to help unlock lending. Treasury Secretary Henry Paulson has indicated the administration will use part of the recent $700 billion bailout Bush signed Oct. 3 to have the government take ownership stakes in banks.

The administration has not indicated when it would announce its next steps.

"These rescue plans will not prevent a global economic slowdown, but they may ease the pain," Shum said. "I expect further downward volatility in the oil market, though talk of $50 or $60 is extreme."

Investors are watching for signs that the Organization of Petroleum Exporting Countries may cut production at an extraordinary meeting in Vienna next month. Iranian Oil Minister Gholam Hossein Nozari on Saturday called for stability in the oil market, saying the biggest challenge now was a decline in oil demand because of a global economic recession.

"There won't likely be any overt cuts, but there could be an informal tweaking of production that could provide support for prices," Shum said. "It's politically unacceptable for OPEC to make cuts in the middle of a global deceleration."