Oil fell to near $71 a barrel on Wednesday, extending hefty losses from the previous session, as rising stockpiles of U.S. crude outweighed positive economic data.

In late January, Exxon Mobil Corp. (NYSE: XOM), the world’s most ubiquitous oil giant, capped off a whipsaw year in the global oil markets by reporting net income of $45.2 billion, an all-time record for corporate profits that shattered the former record it had set a year before.

Demand is way down for iron ore and the negotiated price between China and its major suppliers is due for a big hit. Last year the price almost doubled. This year could see prices almost cut in half.

To ease the ongoing credit crisis and get banks lending again, the Obama administration realizes that it first has to resuscitate the “shadow financial system” that’s dominated by hedge funds and other large-scale private investors.

The current economic conditions certainly do not provide any comfort for investors. So, if the economic news remains poor for the foreseeable future, should investors rule out the potential for a significant recovery in asset prices?

U.S. crude, gasoline stocks seen rising in EIA report… China slows sharply in Q4; BOJ warns of deflation…  U.S. stocks fall; Microsoft earnings miss forecasts.

Dollar up vs yen as BOJ warns of further export woes…  Euro gains broadly; doubts about U.S. auto bailout loom… Market expects ECB rate cut; policy-makers seem divided

U.S. weekly inventory report shows fuel stock rise sharply… Year-on-year rise in U.S. gasoline purchases- Mastercard… Russia says OPEC to make “significant cuts”

Oil down more than $2 after no cut from OPEC… OPEC to discuss 1 to 1.5 mbpd cut later in December… Saudi Arabia cites $75 a barrel as “fair price”

Riddle me this: When is it good news when an analyst slashes his price target for a stock by 55%? Answer: When that “reduced” target price still represents a 59% gain. That’s precisely the scenario facing Companhia Vale do Rio Doce (ADR: RIO), the world’s biggest iron-ore producer.