The New York's main contract, the light sweet crude for November delivery, was up six cents to $61.09 per barrel from $61.03 dollars in late US trade yesterday where it lost 1.88 dollars. The contract earlier hit a low of $60.80 in Asian trade.
Updated at 0945 hrs: Oil price dropped as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.
On Friday, Venezuela said it would reduce oil output by 50,000 barrels a day to try to stem the recent fall in crude prices. Nigeria on Saturday said it was cutting oil exports by 5%, which the state-owned oil company described as a routine seasonal reduction.
Light sweet crude for November delivery fell $ 1.88 to settle at $ 61.03 a barrel on the New York Mercantile Exchange on Monday. November Brent crude on the ICE futures exchange in London fell $ 2.03 to settle at $ 60.45 a barrel.
