Oil Update: Crude Still Under $60 - TheStreet

Oil Update: Crude Still Under $60

Crude oil lost 46 cents to $59.43 early Monday.
Publish date:

(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.

On Monday, many of the big oil and energy stocks were continuing slides from Friday.

Exxon Mobil

(XOM) - Get Report

fell 1.3%, or 85 cents, to end last Friday at $65.12. On Monday, shares fell another 0.8% in the early going.


(CVX) - Get Report

also finished Friday in negative territory, losing 2.7%, or $1.68, to $61.40. Today, shares were down another 0.7% in the morning.

Just after the opening bell,


(COP) - Get Report



(HES) - Get Report

each fell, sliding 1% and 1.2%, respectively.

In oil drilling news,


(NBR) - Get Report

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. This morning, shares were tumbling, losing 4.2% so far.

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 This material may not be published, broadcast, rewritten, or redistributed.