World Bank Economic View Depresses Oil Prices

New York, NY, June 23, 2009--Oil prices were volatile Tuesday, as continued uncertainty about the global economy and demand for crude were offset by the weaker dollar, which drew some speculators back to commodities.

By mid-afternoon in Europe, benchmark crude for August delivery was up 27 cents to $67.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract hit a low of $66.37 before rebounding. It's down from an intraday high of $73.23 earlier this month.

The World Bank said it expected the global economy to shrink by 2.9 percent this year, much worse than its March prediction for a contraction of 1.7 percent.