Oil rose more than $4 a barrel earlier on the plan from China, the world's second-biggest oil consumer. The Group of 20 nations said it's prepared to act ``urgently'' and called for lower interest rates. OPEC, the International Energy Agency and the U.S. Energy Department have cut fuel-demand forecasts over the past month.
Crude oil for December delivery rose $1.36, or 2.2 percent, to $62.40 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures touched $59.10, the lowest since March 20, 2007. Prices, which have tumbled 58 percent since reaching a record $147.27 on July 11, are down 35 percent from a year ago.
Oil prices fell 10 percent last week as equities dropped, U.S. fuel stockpiles rose more than expected and the nation's unemployment rate climbed to a 14-year high.
The International Monetary Fund is forecasting that the economies of the U.S., Japan, Europe and the U.K. will all contract next year in their first simultaneous recession since World War II.
China's economy grew 9 percent in the third quarter, the slowest pace in five years, and export orders dropped to the lowest level since 2005. China will spend the equivalent of almost a fifth of its gross domestic product last year on infrastructure and encourage investments in machinery.
Brent crude oil for December settlement increased $1.60, or 2.8 percent, to $58.95 a barrel on London's ICE Futures Europe exchange.