With most Oil trading sidelined on Monday due to the Martin Luther King holiday, Crude was able to post modest gains largely due to low liquidity. In addition, European indices helped prop Crude prices in trading yesterday. Crude is currently trading at around 78.60 a barrel.
Traders hoping that Oil prices will continue to increase may be in for a disappointment. Fresh rumors that OPEC is considering upping its output has tempered investor confidence for a dramatic rise in Crude prices. Furthermore, temperatures across the U.S. have increased recently, creating less demand for Oil across the country.