Oil is down 1.9% before the North American Markets are set to open today!
Everyone is panicking that oil is going to dip down to the 20-30$ price range.
I doubt it, North American oil companies need a higher oil price to be profitable and when push comes to shove, they usually do whatever it takes to bring the price back up. We are swimming in oil right now but I wouldn't be surprised to see a decrease.
Less profit translates into less jobs which sends the unemployed back on the job hunt which is not good for the economy.