LONDON (AFP) - Oil prices rebounded back above 50 dollars Thursday with sentiment boosted by hopes that G20 leaders meeting here would strike an agreement to help stem the economic downturn, traders said. Crude futures were additionally boosted by expectations that the European Central Bank (ECB) would on Thursday slash eurozone interest rates to record low levels a move that could also help to lift demand for energy. Oil prices had fallen on Wednesday in reaction to a surprise jump in reserves of motor fuel in the United States, the worlds biggest energy-consuming nation. In morning London trade on Thursday, Brent North Sea crude for delivery in May surged 2.47 dollars to stand at 50.91 dollars a barrel. New Yorks main contract, light sweet crude for May delivery rose 2.36 dollars to 50.75 dollars a barrel. Today all eyes will definitely be on the crucially important ECB and G20 meetings as they are bound to provide good sentiment for future direction of crude, oil analysts at ODL Securities said in a research note. World leaders on Thursday hammered out a rescue plan to save the global economy as they gathered at one of the most important summits of recent decades. Presidents and prime ministers representing the Group of 20 rich and emerging economies huddled in London in a bid to restore confidence in the world economy. According to a draft final communique obtained by media, world leaders want international restrictions on the salaries of bankers who have faced widespread anger over the financial crisis. The draft also proposed action against tax havens and increased contributions to the International Monetary Fund to help it see needy nations through the economic crisis. Spreading worldwide recession has ravaged energy demand and slashed oil prices from their record peaks of above 147 dollars last July. The US Department of Energy meanwhile on Wednesday said that gasoline, or petrol, stockpiles had risen 2.2 million barrels in the week ended March 27, compared with analyst forecasts for a drop of 1.1 million barrels. US crude oil reserves rose 2.8 million barrels in the same period, compared with forecasts for an increase of 2.6 million barrels. The data comes before next months start of the US driving season when annual demand for gasoline in the United States is traditionally at its highest as Americans hit the roads for summer vacations.