The price of crude oil tumbled throughout the day yesterday, as positive US data limited the commodity's appeal as an alternative investment to the dollar. After approaching the $93.00 mark in trading yesterday afternoon, oil began falling and has since dropped as low as $91.35 before staging a slight correction.
The commodity is currently trading around $91.65 a barrel, and analysts are warning that today's movements will likely depend on the US Unemployment Claims and Crude Oil Inventories, both scheduled for this afternoon.
Forecasts are calling for a decrease in the unemployment number and an increase in US crude inventories. Assuming these predictions are true, it would signal an improvement in the US employment sector and decreased demand for oil among American consumers. This in turn would likely cause the price of crude oil to continue to fall throughout the day.