Oil prices fell more than 1 percent to $63 a barrel today, Tuesday, as growing uncertainty over an economic recovery spurred investor risk aversion.  A member of U.S. President Barack Obama’s economic advisory panel said the world’s top oil consumer should plan to possibly provide a second round of stimulus funds to prop up the economy, implying that recovery is still far off.

Oil dropped a dollar to below $66 a barrel today, Friday, after unemployment data hardened views economic weakness would sap energy demand and that last month’s rally was overdone.

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).

Oil rose above $68 a barrel on Tuesday, reversing earlier losses, supported by a weaker dollar and ahead of inventory data expected to show a fall in crude stocks.

Oil prices rose for the third consecutive day on Friday, nearing $72 a barrel, as rebel attacks in Nigeria hit output from the OPEC-member country and economic optimism propelled equities markets higher.

Oil rose to the highest level in about four months above $54 a barrel on Thursday as expectations that economic stimulus packages might be working to offset the impact of high oil inventories.

Oil rose above $44 a barrel on Friday, after sinking 4 percent in the previous session, gaining support from a weaker dollar and a meeting of OPEC later this month.

Oil fell more than a dollar to below $44 on Thursday as a record drop in euro zone economic performance heightened expectations that fuel consumption would shrink further.

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

U.S. Congress set to approve $789 billion stimulus package… OPEC again cuts 2009 world oil demand forecast… OPEC figures suggest 65 percent compliance on output cuts…