Oil prices fell more than $1 to below $59 a barrel on Monday, slipping to a seven-week low on concerns about the state of the global economy as equities markets tumbled.

Republicans lined up Sunday in opposition to a second economic stimulus package, a rare demonstration of unity from an out-of-power political party in search of a rallying cry against President Barack Obama.

On his first trip to the Middle East as Treasury Secretary, Timothy Geithner’s message this week will be similar to the one he delivered to Chinese officials a month ago: your investments in the United States are safe.

Oil prices dived to near $59 a barrel Friday in Asia, extending a two-week sell-off fueled by growing investor pessimism about global economic growth and crude demand.

Japan’s Nikkei fell for a ninth straight day on Monday as concerns about company earnings outlooks weighed on Asian stocks, while oil languished near a six-week low as faith in a rapid economic recovery faded.

Oil prices steadied at just above $60 a barrel on Monday, pausing from last week’s losses, amid growing concerns about the pace of a global economic recovery and its impact on world energy demand.

Republicans lined up Sunday in opposition to a second economic stimulus package, a rare demonstration of unity from an out-of-power political party in search of a rallying cry against President Barack Obama.

California’s top lawmakers on Sunday focused on cost-saving reforms to social welfare programs and how deeply to cut an array of state services as they dove into the complex task of closing the state’s $26 billion deficit.