Oil Update: Crude Just Under $60

Another week, another chance to see if oil prices will bounce back. Ahead of a week filled with earnings reports, housing numbers, and oil inventory data, oil futures spent much of early Monday hanging in the mid-$59 area.

Most recently, light, sweet crude for August delivery was up 5 cents at $59.94 in electronic trading on the New York Mercantile Exchange. Earlier Monday, the contract broke below the $59 barrier to as low as $58.88. On Friday, the price settled at $59.89 after slipping 52 cents.

On Friday, many of the big oil and energy stocks lost ground. Exxon Mobil(XOM Quote) fell 1.3%, or 85 cents, to close the day at $65.12.

Chevron(CVX Quote) also finished in negative territory, losing 2.7%, or $1.68, to $61.40.

ConocoPhillips(COP Quote) and Hess(HES Quote) each fell, sliding 1.5% and 2.2%, respectively.

In oil drilling news, Nabors(NBR Quote) warned Monday that it would take on close to $240 million in charges for the second quarter. According to a statement released on Monday, a breakdown of the charges includes $178 million in asset impairments and reserves, along with another $62 million from the acceleration of expensing of unvested stock grants.

On Friday, the stock fell 9 cents to $14.79.