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Oil dips below $92 a barrel

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Yahoo Finance Live anchors Julie Hyman and Brian Sozzi discuss the oil market's recent volatility and crude oil slipping below $92 a barrel.

Video Transcript

JULIE HYMAN: One thing, however, that is not seeing higher prices recently that I think we need to highlight once again is what's going on with oil prices. Once again today-- look at that-- we are really seeing slumping oil prices. Can we call it a collapse as of yet? I don't know. But whereas very recently, we were seeing well north of $100 a barrel, now we're going towards $90 a barrel, down another 4 and 1/2% today on oil prices.

So that gives a decent amount of credence to the White House's assertion, as put forward by Brian Deese, who we spoke to yesterday, that the gasoline price increases that we have seen are really backing off now. And we are going to see lower prices at the pump. I saw a tweet this morning from Patrick De Haan over at GasBuddy, who said, we are seeing $3.99 a gallon in about half of the US states. So we have seen a big, big drop in those gasoline prices.

BRIAN SOZZI: Point well taken. GasBuddy does some great analysis. I always read their work. But look, the market is not trading off of this. The market is, I think, reading it through. This plunge in oil prices-- and you're right. I think it is a plunge perhaps that is suggesting we might be in a recession.

JULIE HYMAN: Interesting that that's why--

BRIAN SOZZI: That's my hot take.

JULIE HYMAN: Yeah, we're also seeing, by the way, the 530 curve also inverting again, so.

BRIAN SOZZI: I would argue the market would want to see oil back over 100, but that's just my read of things.

JULIE HYMAN: Ooh, daring.