Oil prices rose on Monday as Saudi Arabia's move to cut supplies and China's launch of a $600 billion economic stimulus plan aided market volatility.
Concerns about an economic recesion had earlier pushed prices down, as General Motors shares slumped, Fannie Mae recorded a record $29 billion loss and the United States pledged further support for struggling insurer AIG .
U.S. light, sweet crude rebounded from earlier lows to rise $1.45, settling at $62.41 a barrel.
London Brent crude rose $1.80 at $59.15.
"A positive move by the Chinese to offer a major stimulus package was being offset by ongoing economic concerns, causing cross currents, providing traders with another wild ride as intraday volatility remained high," said Chris Jarvis, senior analyst at Caprock Risk Management in New Hampshire.