Following the positive Dollar news on Friday, the price of crude temporarily rose above $70.00. This increase proved to be temporary, largely due to a Japanese business confidence report, and prices have since dropped to around the $69.50 level. The report showed that business confidence increased marginally, implying that demand for crude is down in the world's third largest oil consuming country.
A U.S. Energy Department report released last week also showed that consumption levels in the U.S. are down compared to this time last year. This has the potential to change this week. If the Dollar continues to rise, consumption levels may go up in America, especially ahead of Christmas. Traders may want to pay attention to news events this week concerning the Dollar, as they may have a direct correlation to the price of oil. If the Dollar decreases in value, the price of crude oil may as well.