The unemployment data was yet another ugly data point in a seemingly never ending stream of poor economic numbers," said Michael Wittner, global head of oil research at Societe Generale.
"What makes it hard to call a bottom is that even when oil fundamentals firm up, if we're still having these waves of de- leveraging, it can overwhelm even the oil fundamentals."
Can oil prices keep falling?
The short answer is yes, according to Addison Armstrong, a CNBC contributor and director of market research at Tradition Energy.
“In the short term crude prices are going to be following equities as they have been for the past month. And given the way things look the trend is in place for oil to go lower. I expect to see oil trade $45 before it trades at $60.”
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CNBC.com with wires