Crude Oil's price has held steady between $66 and $74 a barrel over the past 3 months and recent price behavior doesn't suggest any changes in this pattern. After climbing back above $70 a barrel this week, the price of Crude Oil has seemingly reached a short-term peak and may head downward as this week comes to an end.
Contrary to this prediction, however, is this week's US Crude Oil Inventory report which showed inventories falling by 1.0 million barrels last week. This news highlights a potential trend of growth in oil consumption, and thus slightly higher demand. If demand is indeed on the rise, traders could see oil prices climb beyond their current level of $71 a barrel and go as high as $73 by early next week.