Following a report that U.S. oil stockpiles declined over the last month, the price of crude increased as investors rushed to buy up the commodity. Currently, crude is trading around the 79.19 level, an increase from 78.57 reached last night.

Today, traders will want to pay attention to the U.S. Crude Oil Inventories report, set to be released at 15:30 GMT. If this release is near the forecasted decrease in inventories, it may further drive up prices. Additionally, depending on the direction the Dollar takes following Fed Chairman Bernanke's statements today, crude prices could rise or fall. Good news for the Dollar would likely lead to a drop in oil prices, with bad news likely to drive up prices for the commodity.