Oil snapped back somewhat Monday after governments across the world announced plans to re-capitalize ailing banks and strengthen the beleaguered financial sector. 

Oil tumbled to 13-month lows Friday, as traders feared the financial crisis would ultimately weigh on global oil demand. 

Crude oil traded higher by $3.49 to settle at $81.19 a barrel.  Oil is still about 45% off its midsummer high of $147.27. 

Despite today’s upswing, many analysts are bearish on the future of crude prices.  

"Oil is going to have a very difficult time in the next thirty days, and in the fourth quarter," said OPIS chief oil analyst Tom Kloza. "Crude oil demand has been ... paralyzed by the credit crunch." 

Indeed, the generally bullish investment bank Goldman Sachs warned oil could tumble to $50 a barrel in the near term.

"We have underestimated the depth and duration of the global financial crisis and its implications on economic growth and commodity demand," the company said in a research note.  

“The timing of the trough, however, remains highly uncertain as credit issues have created significant distortions in demand and production, inventory management and pricing across the supply chain."

This precipitous fall in oil prices has eased some pressures at the pump.  The average price drivers paid for regular gasoline nationwide was $3.206 a gallon, down from $3.733 last month, but still substantially higher than the $2.761 drivers paid last year, according to the AAA's Daily Fuel Gauge Report. 

Analysts expect retail fuel prices to continue falling, and ultimately catch up to wholesale prices that have fallen much more rapidly. 

"We’ve dropped so much on wholesale [prices], and despite what people think -- retail prices do follow wholesale," Kloza said. "These prices are headed sharply lower."

Elsewhere, gold prices tumbled by about $17 to $842.  Gold is generally seen as a safe haven during times of high volatility, so the slide might mean that traders are returning to more risky securities.