The price of crude spiked in overnight trading, moving up some 165 pips as investors eagerly await the impending U.S. Advance GDP report. Analysts attribute the increase in oil prices, to the overall weak dollar, which makes purchasing the commodity more attractive to international investors. Currently, crude oil is trading around the 78.10 level.
With the U.S. GDP report today expected to show a drop from last month, crude prices will likely continue to rise should the dollar sink lower. At the same time, should the GP report signal any gains in the U.S. economy, crude prices may fall in afternoon trading.