Oil Update: Crude Gains Slightly

Updates stock prices throughout.

The World Bank on Monday issued a gloomy forecast that called for the global economy to contract by 2.9% in 2009, well more than the previous 1.7% estimate. With little light at the end of the worldwide recession tunnel, investors had a collective freak out, sending stocks and commodities tumbling yesterday.

Crude oil futures weren't spared either. On Monday, the July contract for benchmark crude expired after falling $2.62 to settle at $66.93 a barrel.

But light, sweet crude for August delivery was in positive territory this morning and is currently up 33 cents at $67.83 on the New York Mercantile Exchange. It fell to as low as $66.37 earlier. On Monday, the August contract slid $2.52.

Oil stocks were beaten down Monday as well, but many were making gains in morning trading Tuesday.

Exxon Mobil(XOM Quote) lost 3.1% by the closing bell, but was up 25 cents to $69.10 in afternoon trading. Marathon Oil(MRO Quote) saw its shares fall 6.1% yesterday, but found itself up 3 cents this afternoon.

Shares of Murphy Oil(MUR Quote) fell 7.7% yesterday. But shares were changing hands this afternoon up 1.5%.

Occidental Petroleum(OXY Quote) shares also advanced 2% this afternoon.