LONDON (AFP) - World oil prices rebounded on Tuesday from one-month low points, as many traders went bargain hunting and sentiment was boosted by soaring global stock markets. New Yorks main contract, light sweet crude for August delivery, rallied 90 cents to 73.04 dollars per barrel. Brent North Sea crude, also for August delivery, jumped 1.18 dollars to 72.65 dollars. European stock markets soared on Tuesday, mirroring bumper gains in Asia, as investors snapped up bargains and were comforted by an upbeat economic outlook from Australias central bank. Londons benchmark FTSE 100 index leapt 2.22 percent to 4,930.77 points, the Paris CAC 40 won 3.07 percent to 3,434.66 points and Frankfurts DAX 30 added 2.13 percent to 5,940.19. Markets in Madrid and Milan rose more than 3.0 percent in the wake of gains elsewhere in Europe. Madrid was up 3.31 percent and Milan 3.20 percent at mid-day. Later on Tuesday, oil traders will focus on a raft of economic data in top energy consuming nation the United States. Today, market participants will be watching for the US non-manufacturing PMI figures for June and the US employments trends data, said analyst Myrto Sokou at the Sucden Financial Research brokerage. It is likely to be a week with thin trading conditions due to the lack of major economic indicators and due to the Independence Day holiday in the US on Monday. As a result of the public holiday, the US governments weekly snapshot of American crude oil inventories will be published on Thursday. In earlier trading on Tuesday, oil sank to fresh one-month lows, as weak US employment data continued dampening sentiment, analysts said. Oil hit 70.77 dollars a barrel in London and 71.09 dollars in New York, plumbing the lowest levels since June 7. Last weeks weak US jobs data had dragged down oil prices as well as Asian equities markets, said Victor Shum, a Singapore-based senior principal of Purvin and Gertz energy consultancy. The sentiment in the market has been quite bearish.... The market is still reacting to the weak US private sector employment data, he said. This bearish sentiment is therefore putting downward pressure on oil. Oil prices tumbled by more than eight percent last week as weak US economic data sparked fears about the strength of the global recovery. The US economy shed 125,000 jobs in June, official data showed Friday.