Crude oil rose for the third consecutive day. Crude oil started yesterday's trading session at $74.60 a barrels and gained about 250 pips. Crude oil is currently trading above $77 a barrel.
Crude oil has strengthened yesterday as gains in U.S. equity markets have created speculation that demand for fuel will increase. The Euro-Zone's debt crisis had a negative affect on oil as investors feared that the European economies will reduce their demand for energy. However, recently trader's concerns are easing and in addition to the rising equities, investors feel that demand for oil will increase. It currently seems that as long as equity markets will rise, crude oil is likely to gain as well.
As for today, traders are advised to follow the U.S. Crude Oil Inventories report. This report measures the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. If the end result will be negative, crude oil has potential to rise further.