Oil prices fluctuated Monday along with the stock market, settling 93 cents lower at $63.22 per barrel.

After OPEC slashed production last week, analysts believe that the price of oil now largely depends on consumer confidence in the market.

“We already had OPEC cuts,” said Tom Hartmann, a commodity analyst at Altavest Worldwide Trading Inc. “Now, it [price] depends on consumers. People are worried about the economy and the rally in the markets, which is affecting prices.”

Hartmann added that the price of oil today was down by less when the Dow was down by less, and vice versa. “Today it seems like is all based on the stock market,” he said.

Fadel Gheit, a managing director and senior analyst at Oppenheimer & Co., agreed.

“The oil market is down because of the longer and deeper recession. We have to remember that the stock market is in total panic. People are under pressure to conserve and raise cash. As a result, the demand for oil will come down shortly, putting further pressure on prices,” Gheit said.

Gas prices experienced the greatest drop ever in the past month, plummeting to a current national average of $2.67 a gallon from $3.67 a gallon, according to AAA’s Daily Fuel Gauge Report.

“I don’t expect any immediate production cut beyond what OPEC announced on Friday,” Gheit said. “In my view, Friday’s cut is not going to be sufficient to take the extra supply off the market, not because they oversupplied but because demand greatly dropped.”

In other energy markets, November heating oil fell three cents to settle at $1.91 and natural gas settled 12 cents lower at $6.12.

December gold settled $12.60 higher at $746.80.

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