Oil prices rose today as the dollar slumped following bleak employment data in the US, the world's top energy consumer.
US crude traded up 45 cents to $61.22 a barrel by 6pm, off earlier highs of $62.82 a barrel. London Brent crude for December rose 21 cents to $57.64 a barrel.
The US dollar eased against a basket of currencies after government data showed US employers cut payrolls by 240,000 in October. In addition, data showed September registered the biggest monthly loss in jobs in nearly seven years.
A weaker dollar makes oil cheaper for holders of other currencies and tends to support prices.
However, the dollar's retreat has been offset by a rise in stocks as investors bought beaten-down sectors.
Carmakers General Motors and Ford reported billions in losses on Friday, far deeper than expected, as car sales slumped with consumers tightening belts in the face of what analysts are now calling a serious recession.
Oil's steep slide from a peak of more than $147 a barrel in July has already spurred OPEC to rein in supply from November 1, and some members of the cartel are talking of reducing production further.
