Oil prices have fallen to 16-month lows on growing signs that a global economic slowdown is reducing demand.
Oil prices have continued to fall in the last weeek of October, despite the 1.5 million-barrel-a-day cut in production from oil producers' cartel Opec.
US light sweet crude for delivery in December dropped to a 17-month low of $61.30 a barrel before recovering somewhat to trade at $62.42.
London Brent crude fell below $60 a barrel before recovering to $61.32.
Earlier declines came as official US data showed that US crude stocks rose by 3.2 million barrels in the week to 17 October, higher than expectations.
Highlighting a fall in sales of petrol and other refined fuels, US light crude fell as low as $66.73 a barrel, its lowest point since June 2007.
Despite Opec's expected reduction in production, oil analysts said crude prices could fall as low at $60 as signs that the world is heading for recession continue to grow.
Opec's meeting as been brought forward by three weeks, reflecting the 12-nation group's concern at falling prices. Oil hit an all-time high of $147 a barrel back in July, but has since fallen back steadily.
Opec members include Saudi Arabia, Iran, Iraq and Venezuela.
