Crude oil received a substantial boost yesterday, as investors rallied around commodities following President Obama's recent State of the Union Address. The price of crude oil rose from $86.18 yesterday, to as high as $87.75 before staging a slight bearish correction. Currently, the commodity is trading around $87.37 a barrel.
Today, traders will want to pay close attention to the main economic indicators set to be released out of the US. Currently analysts are forecasting that the USD will likely fall following today's news. Typically, the price of oil rises when the dollar is bearish, as investors view the commodity as an alternative to the greenback. If crude oil does receive a boost today, it is likely to test the $88.00 resistance level.