The price for a barrel of Crude Oil continued climbing yesterday, topping $91.90 before closing out the trading day. Recent speculation has begun to evaluate the possible risk of rising oil prices to the global economic recovery, but little has been done at this point to intentionally push prices either direction.
With US markets closed in observance of Martin Luther King Jr. Day, the greenback saw mixed results and oil prices remained steady between $91.50 and $92.00 a barrel yesterday. With the US economy coming back online today, traders should anticipate a possible strengthening of the buck with the TIC Long-Term Purchases report expected to show a modest boost in USD demand. If this report adds strength to the dollar, it is possible the price of oil could see a downward correction through most of the trading day.