Fears of a global recession and persistent concerns about the banking sector lifted the U.S. dollar on Monday as global stocks mostly faltered and oil prices shot higher on expectations of another OPEC output cut.

651K jobs lost in Feb…  Dec. and Jan Job losses revised up…  Talking Norway, Canada, Australia… Brazil stealthlike for 3 months… And Now… Today’s Pfennig!

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.

February U.S. crude futures contract expires on Tuesday… Cold weather hits U.S. Northeast… OPEC says enforcing production cuts… Russia and Ukraine reach deal in gas dispute…

OPEC cuts 2.2 million bpd of crude output… Dealers say record cut not enough to offset demand slide

Crude oil prices will likely remain low in the short term. Supply cuts will not keep pace with demand destruction in the near future. And that could send gas prices below $1 a gallon by Easter, says David Fessler. He gives two ways investors can turn their savings at the pump into big profits.

Speculation that oil prices are beginning to bottom helped push crude contracts higher yesterday (Wednesday), as traders closed out short positions and rumors surfaced that both Russia and the Organization of Petroleum Exporting Countries (OPEC) are planning to cut production next week.

In the energy market Monday, oil sank below the $60 benchmark, with crude for December delivery closing at $59.33/barrel, down $3.08. December reformulated gasoline lost 6.2 cents, to $1.3059/gallon.  Early in the day, crude had fallen to $58.32, its lowest level since February, 2007, and yesterday there weren’t enough buyers to push it back over $60.