Crude Oil in New York Falls for Fourth Day in a Row

With the drop in crude oil prices for the fourth day in a row in New York, it has caused speculation that the continually slowing U.S. economy will cause less demand for oil and result in growing reserves.

The strengthening of the U.S. dollar has also caused investors to move some of their money out of commodities, as its use as an inflation hedge is looked upon as over - at least for now.

"The sharp fall in commodities has prompted investors to reassess their investments," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "The perception is that the U.S. dollar has somewhat shifted and begs the question whether commodities are a good investment hedge."

On the NYMEX, oil fell as low as $99.66 a barrel in after-hours trading; about 1.2 percent overall. Since March 17, oil has plunged by 11 percent from the record $111.80 a barrel it reached at that time.

Brent crude for May fell to $99.07 a barrel, or 79 cents on London's ICE Futures Europe exchange. That's down from the $99.86 it finished at yesterday; the first time since March 4 it fell ended the session below $100 a barrel.