Crude futures closed higher Monday amid concerns about the mounting global financial crisis.
Oil prices opened higher in the morning after China announced new economic stimulus plan aimed to boost domestic demand. U.S. crude rose as high as 65.56 U.S. dollars a barrel.
The world's largest oil producer, Saudi Arabia announced that it would cut December supplies by 5 per cent also boost the prices.
However, the rally did not last as investors weighed bad economic data in the United States.
The U.S. government restructured its bailout of American International Group Inc, raising the package to a record 150 billion dollars after the former plan failed to stabilize the insurance giant.
Circuit City Stores Inc., the U.S. second-biggest electronics retailer, filed for bankruptcy protection Monday.
Light, sweet crude for December delivery rose to 1.37 U.S. dollars to settle at 62.41 a barrel on the New York Mercantile Exchange. In London, December Brent crude rose to 1.73 dollars to settle at 59.08 dollars a barrel on the ICE Futures exchange.