Oil prices rose yesterday above $75 a barrel for the first time in a year because of a weak Dollar and the belief that the upcoming holiday shopping season will bring more traffic to the roads. Also helping to lift oil prices was the Dow Jones Industrials Average, which hit a new annual high, and pushed past the 10,000 mark for the first time in more than a year.
A plunge in the Dollar lately has convinced many investors to pump money into Crude as a hedge against inflation. Today, traders are advised to the major economic indicators which will be published from the U.S., such as the Crude Oil Inventories at 15:00 GMT. If the USD continues to weaken today, $80 a barrel seems like a very realistic target for the end of the week.