Crude oil may have dropped sharply in recent days. But with the latest build in supplies, and weak job growth numbers from ADP, one wonders why crude oil isn't trading at $90 rather than $96.
The fundamental side of the equation looks very weak. Crude oil supplies have increased by over 28 million barrels in the last six weeks, and with ADP reporting that only 130,000 private sector jobs were created in October, demand should remain quite low. The geopolitical front is quiet, and Europe's economy is struggling.
(Read more: Battered US crude flirts with worst month of 2013)