Oil gains 2.0pc as global mkts stabilise

LONDON, Feb 12 (Reuters): Oil rose 2.0 per cent 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 rose 95 cents to $63.74 a barrel by 1012 GMT, up nearly 2.0 per cent, while US West Texas Intermediate futures gained $1.03 to $60.23, up 1.8 per cent. 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.