The price of crude oil dropped to below $91 a barrel in overnight trading, as investors began to shy away from higher yielding assets in overnight trading. In addition, the disappointing US unemployment figure yesterday led to skepticism that demand in the US will increase, driving prices down further.
Still, there is hope that the price of oil will bounce back before the end of the week. Another winter storm that has blanketed a sizeable portion of the United States is likely to increase the usage of crude oil by US customers. Furthermore, should any of today's US or euro-zone economic indicators come in above expectations, investors are likely to return to the higher yielding commodity. It appears entirely possible that prices could rise above $92 a barrel before the day's end.