Oil rose more than $2 to hit a one-month high near $72 on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand.

Oil fell to below $65 a barrel today, Monday and touched a five-week low earlier in the session, pressured by doubts over the prospects for a recovery in the global economy and energy demand.

Oil dropped more than 2 percent to below $68 a barrel on Monday as a stronger dollar and weaker European equities outweighed attacks on the oil industry in top African exporter Nigeria.

Oil rises above $47 a barrel… U.S. weekly oil stocks data expected to show bearish rises… OPEC compliance to cuts at 66 percent for November