During yesterday's early afternoon hours, Crude Oil received a hasty sell-off when investors unwound their positions for riskier assets. With a recent boost to equity markets, the USD has also found itself losing strength to a number of its currency rivals, particularly the EUR. If this stock rally can continue, we may see these trends persist throughout the rest of the week.
The price of Crude Oil also dropped sharply as the demand for the commodity appears to have abated. U.S. Crude Oil inventories posted a mild decrease in the amount of Crude stocks in storage. The report failed to meet market expectations, helping to drive the price of Crude lower, reaching $96.86 from last week's high of $103.34.