Firmer oil market comes after week of heavy losses; US crude holds near $60

Oil rose nearly 2 percent on Monday, recovering some of last week's steep losses as global equities steadied after their largest one-week slide in two years.

Brent crude futures gained 82 cents to $63.61 a barrel by 1302 GMT, up nearly 2 percent, while US West Texas Intermediate futures rose by $1 to $60.20.

A weaker dollar helped to boost oil by making dollar-priced crude cheaper for holders of other currencies.

European shares took their lead from Friday's rise on Wall Street, while other commodities including copper and gold also strengthened.

Consumption remains robust, even though rising US crude production has knocked oil off its 2018 highs above $70 and threatened the efforts of the Organization of the Petroleum Exporting Countries to prop up prices by reining in supply.