Crude Oil saw a fairly bullish trading day on Wednesday, capitalizing on the Dollar's losses against its European counterparts. In the last 24 hours, the price of crude has shot up to its current level of 83.31. The price increase was also largely fueled by the latest U.S. inventory report, which showed that stockpiles for the world's largest energy consumer dropped in the last week.
Today, crude oil traders will want to pay careful attention to what direction the Dollar goes. With U.S. unemployment claims set to be released today, the price of crude could see some volatility. If the unemployment continues to fall, the Dollar will likely go up, and the price of crude may drop as a result. On the other hand, if U.S. unemployment unexpectedly increases, the price of oil could see some gains in afternoon trading.