BEIJING, March 7 -- Oil prices rose yesterday as global stock markets recovered some ground after weeklong declines, and strategists pointed out that gasoline stocks are slipping while demand keeps rising.

    Light, sweet crude for April delivery rose 62 cents to settle at 60.69 U.S. dollars a barrel on the New York Mercantile Exchange, after dipping briefly to 59.65 U.S. dollars a barrel. The contract fell 2.5 percent Monday to settle at 60.07 U.S. dollars a barrel, the lowest for a front-month contract since Feb. 21.

    On the ICE Futures exchange in London, Brent crude added 85 cents to settle at 61.39 U.S. dollars a barrel.

    Turmoil in global financial markets, as well as deflating gasoline futures, had weighed on crude oil prices over the past two sessions, due partly to some concern that global growth may be slowing. But as stock markets in Asia, Europe and the United States rebounded yesterday, traders also bid up oil contracts.

    In their reports to clients, several investment banks pointed to fundamental strength in the oil market, The Associated Press reported.

    "Our view is that last week's equity gyrations are nothing more than a healthy correction and there is certainly little reason for markets to begin factoring in any significant weakening in commodity market fundamentals as a result," said Kevin Norrish at Barclays Capital.

    The US government reported last week that stockpiles of gasoline and distillates, which include heating oil and diesel fuel, dropped more than expected. Meanwhile, demand for products over the last four-week period was 7.5 percent higher than the same period last year.

    "We've seen a shift from a supply surplus to a small supply deficit as a result of refinery maintenance. Demand numbers we see every week have been exceptionally strong," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.