Crude Sees Renewed Weakness

The oil market was suffering through a volatile session Monday amid reports of supply disruptions and continued skittishness from last week's selloff.

Prices for nearby futures for light sweet crude were dipping 65 cents at $55.66 a barrel on the Nymex. The US Oil ETF(USO Quote), which holds oil futures contracts, was also lower, off 1.3% recently.

"It may not be a full-fledged bear market, but there may be trouble getting back to the previous highs without a major catalyst," says Alan Mandel, strategist at Alan M Trading in New York. ...