Oil Update: Crude Still Under $60

(Updated with new oil and stock prices.)

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 down 46 cents at $59.43 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. ...