Following yesterday's brief spike in the price of crude oil, the commodity has remained largely steady throughout the overnight session. Crude jumped as high as $88.14 a barrel yesterday, following the release of the US Crude Oil Inventories figure. Stockpiles in the US are smaller than what analysts had predicted, meaning that demand is up in the world's largest oil consuming nation.
That being said, the impact of the inventory figure proved to be short lived, and oil is currently trading at $86.75 a barrel. Today, traders will want to pay attention to the effect the US Unemployment Claims has on the dollar. If the dollar turns bullish in afternoon trading, expect crude to continue to drop throughout the day.