Crude Oil Hovers Close to $90 a Barrel

Risk aversion in the marketplace sent the price of crude oil tumbling below the psychologically significant $90 a barrel level yesterday. Uncertainty about Greece's future in the euro-zone combined with low demand for oil in the US has caused oil to fall in recent weeks. Eventually, the commodity was able to stage a slight recovery before stabilizing around the $90.70 level. As we close out the week, oil traders will want to pay attention to any announcements out of the euro-zone which could result in further risk aversion in the marketplace. Should the euro extend yesterday's bearish trend, crude oil may see additional losses as a result.

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