Oil falls to $64 on recession, oversupply concerns

For months, oil analysts have said oil's price has risen too much in relation to the commodity's fundamentals, and that some sort of correction would occur.

However, the market largely ignored that reality -- until recently. On Monday it appeared the correction (or something larger) was well underway, with oil dropping $2.71 to a four-week low of $64.02 per barrel, extending last week's decline.