After consistently falling in price over the last month, crude oil prices received a boost after a report showed U.S. inventories to be higher then expected. While this would normally lead to a drop in prices, it appears that demand in the world's largest energy consumer is also up ahead of the busy summer months. In the last 24-hours alone, prices jumped from 69.45 to their current level of 71.34.
Today, traders can expect prices to continue to rise, should the U.S. economic news come in as forecasted. A better economy in the U.S. typically leads to more discretionary spending among consumers, which in turn leads to more fuel being used.