Crude oil tumbled during yesterday's trading session. Crude oil began this week's trading at $76.30 a barrel. However on Monday oil saw a sharp drop and a barrel of oil was traded at a daily low of $74.50.
The main reason for the depreciation of crude oil seems to be the strengthening Dollar. Crude oil is valued in Dollars, and thus whenever the Dollar strengthens, crude oil tends to fall as a result. In addition, the renewed concerns regarding the Euro-Zone's debt crisis have created speculations about a reduced demand for energy, which also weighed on crude oil.
As for today, traders are advised to follow the main publications from the U.S. and the Euro-Zone, as they tend to have a large impact on crude oil trading. Traders should pay attention to the U.S. Trade Balance report and the German ZEW Economic Sentiment, as these publications look to have the largest affect on the market today.