U.S. crude oil fell over 3 percent to below $70 a barrel on Friday as U.S. equities struggled for traction and raised fears about the economy and a recovery in energy demand.

The Organization of Petroleum Exporting Countries (OPEC) will likely maintain its crude oil production quotas at its meeting in Vienna, Austria today, Thursday.

Oil has staged an impressive rally since dropping below $35 a barrel in mid-February, soaring 42% in little more than a month to about $50 a barrel.

Russian gas deal, Gaza ceasefire ease supply concerns… World oil demand expected to fall in 2009… U.S. holiday leads to low trading volumes…

And, as the news just keeps getting worse, Iran just asked OPEC to cut production by a further 1.5 million barrels per day, which comes just after OPEC cut production by 1.5 million barrels last month! Yikes!

e price of crude oil has been falling lower and lower in recent weeks… and while that may be good when you are filling up your gas tank, the bigger picture is much more serious for the U.S. economy.

Retailers 3Q Earnings Dismal; Cisco Sees Small Biz Sales Growth; Blackstone Posts $502 million 3Q Loss; IEA Sees $100 Oil Average; Mattel Toying with Job Cuts; Direct TV Earnings Up; Fidelity Cuts 1,300 jobs; Jobless Claims Fall

We pause now, in what has lately been a laundry list of fiscal and monetary folly, to bring you alarming news about energy.

The Organization of Petroleum Exporting Countries (OPEC) Friday said it would cut oil production quotas by 1.5 million barrels a day in an attempt to put a floor under oil prices, which have plunged nearly 60% from their July record.

When it comes to high-priced oil, Congress just doesn’t get it.