Oil prices fell more than 2% this evening, dragged down from six-month highs as signs of job market weakness stoked concerns about the US economy.
US crude was down $1.55 to $60.49 a barrel, after hitting a six-month high over $62 on Wednesday. London Brent fell $1.19 at $59.40.
Oil prices have jumped by about a third over the past four weeks, as signs of a potential economic rebound outweighed weak demand and high inventories.
A JP Morgan research note forecast the economy would begin to turn around in the second half, hiking its price forecasts in 2009 and 2010.
Oil received a lift on Wednesday after weekly US government inventory data showed a steep drop in crude and petrol stockpiles ahead of the Memorial Day weekend, traditionally the start of the summer driving season.
Slumping demand has sent crude tumbling from record highs near $150 a barrel last July, prompting the Organisation of Petroleum Exporting Countries to agree a series of output cuts since September.
