Crude oil corrected some of its losses from the past few weeks. After dropping to $67 a barrel, crude saw a sharp rise, and a barrel of crude oil is currently traded around $74.
Crude oil's rise came as a result of the positive data from the U.S. economy, especially the Consumer Confidence that rose to its highest level since March 2008. The U.S. economy is the largest energy consumer in the world, and thus such a positive indication has instantly boosted crude oil prices. In addition, the Euro's recovery from last week also supported oil prices. Crude oil is traded in Dollars, and whenever the Euro strengthens vs. the Dollar, crude oil tends to rise as a result.
Looking ahead to this week, traders are advised to follow the leading publications from the U.S. and the Euro-Zone. Special attention should be given to U.S. Non-Farm Payrolls release which is expected on Friday. This report is considered to be the leading indicator of the U.S. employment condition, and its result tends to have an instant impact on crude oil prices.