Oil Update: Crude Slumps Below $63 - TheStreet

Updated with recent oil futures and stock price information.

What economic recovery? Or, so say investors this morning.

Crude oil futures traded in the $64 range on Tuesday before plummeting into high-$62 territory later in the morning.

Light, sweet crude for August delivery is currently down $1.15 at $62.90 on the New York Mercantile Exchange. The price on the contract went as low as $62.63 earlier. On Monday,

oil dropped for a fourth straight day, settling at $64.05 after shedding $2.68 on the day.

Oil watchers will be fixed on weekly inventory data set to be released by the Energy Information Administration on Wednesday morning. According to a Platts survey, prognosticators are expecting crude inventories to drop by 3.2 million barrels. Though some may be looking for signs of demand in the numbers, many experts have said for weeks that the underlying fundamentals of the market aren't aligning with the price of crude.

Many of the big oil and energy sector stocks finished Monday in negative territory and continued sliding this morning.

Occidental Petroleum

(OXY) - Get Report

dropped 2.5% yesterday and was falling another 1.6% this morning. American depositary shares for Brazil's

Petroleo Brasileiro

(PBR) - Get Report

were declining 1.7% after the opening bell. Yesterday, the concern fell 3.3%.

Marathon Oil

(MRO) - Get Report

slid 0.8%, or 24 cents, to finish at $28.76 on Monday. This morning, shares were changing hands down 1.7%.

On the other hand,


(HES) - Get Report

was tracking in positive territory, up 0.4%, or 18 cents, at $48.80.

On the servicing side,


(SLB) - Get Report

dropped 2.1%, or $1.10, to close at $51.45 yesterday. This morning, shares continued slumping, down 2.7%.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.