Following yesterday's jump in crude prices, the commodity has since corrected itself following a speech from the Fed chairman. Oil prices climbed as high as $74.80 yesterday, but after news that the U.S. economy is still growing, albeit at a modest rate, it has since fallen to its current level of $73.90.

Today, crude traders will want to pay attention to any movement among USD pairs. Should the Dollar respond favorably to any of the day's news events, oil prices will likely continue to drop. With risk aversion still the preferred strategy among investors, there does not appear to be much room for a price increase for crude oil at this time.