Oil prices fell by almost 3.5 percent towards $69 a barrel on Monday as further signs of weak fuel demand raised expectations that prices may have raced ahead of the nascent economic recovery.

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Oil prices slipped on Thursday as concerns about weak global fuel demand outweighed strong economic growth in China and better-than-expected U.S. banking results.

Oil rose to $70 a barrel on Monday after Nigeria’s main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency (IEA).

Experts roundly agree that the recession is only a short-term blip in the long-term escalation of oil prices. And this time, there are 1.05 trillion reasons why oil is going to climb well past its peak last year.

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Oil held above $40 a barrel on Wednesday after a 4 percent rally in the previous session, as equities gained and investors looked ahead to U.S. inventory data expected to show rising supplies.

From its high of $147 a barrel last July, West Texas Intermediate Crude oil prices have crashed a cumulative 74%. That ranks as one of the worst absolute declines for any asset since the onset of deflation last July as investors dump most commodities, except gold, silver and several other soft commodities.

IEA sees oil supply crunch as demand rises from 2010… Japan economy shrinks most since 1974… South Korean exports fall by a third… President Obama to sign stimulus bill on Tuesday