Light, sweet crude was up $1.40 at $60.75 a barrel on the New York Mercantile Exchange following the decline in U.S. crude inventories last week. Meanwhile, sentiment has grown in recent days that OPEC production cuts might help shore up oil prices. On Friday, oil prices fell to their lows for the year.

Robert G. Smith, chairman and chief investment officer at Smith Affiliated Capital, contends the market will adjust to oil prices near current levels. "I think that $60 is the old $30 level. I think that we're going to back and forth around that level."