Oil back over $46 even as US sees deeper recession (AP)

Italian ENI CEO Paolo Scaroni, delivers a speech during the 3rd Global Competitiveness Forum in Riyadh, Saudi Arabia, Sunday, Jan. 25, 2009. The head of the Italian oil company Eni SpA says the turbulence in oil prices is  unprecedented and 'extremely bad news' for the industry. Paolo Scaroni told a panel at the Global Competitiveness Forum the time is ripe for the oil industry to look for ways to increase certainty and stability. (AP Photo/Hassan Ammar)AP – Oil prices crawled back above $46 a barrel Monday after falling more than $1 as White House officials warned the U.S. recession would likely worsen in coming months, undermining demand for crude.

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