Crude oil rose over $79 a barrel for the first time in nearly 11 weeks. Crude oil began yesterday's trading session around $76.40 a barrel, and gained about 300 pips in a single day, to peak at the $79.40 price.
Crude oil rallied yesterday following notifications that EBay Inc. and Caterpillar Inc. saw higher earnings than expected during the last quarter. In addition, several positive economic reports were published from the Euro-Zone yesterday, suggesting that energy demand in Europe will recover soon. Another support for crude oil prices was the Dollar's bearish trend against most of the major currencies. Crude oil is traded in Dollars, and thus when the greenback weakens, oil prices tend to rise as a result.
As for today, traders are advised to follow equity markets in the U.S. as they tend to be highly correlated with crude oil trading. In addition, traders should take notice of the Euro-Zone's Bank Stress Test Results. The results are expected to reveal the region's banks stability in light of the high debts of several European nations. This report might impact global trading, and traders should be prepared.