The price of Crude Oil rose Thursday, tracking a rebound in commodities and stocks on Wall Street after the European Union pledged to support Greece weather its debt crisis.
Crude Oil prices rose 1% to above $75 a barrel as a plan made by European leaders to support Greece sparked investor interest in riskier assets. However, traders remained concerned about whether the aid would be enough to pull Greece out of fiscal crisis, and the EUR slipped against the U.S. Dollar as a result.
The oil market's focus on Wall Street and the U.S Dollar may have been due, in part, to a delay in the U.S. weekly inventory data from the Energy Information Administration (EIA), which traders scour for clues on demand in the world's top oil user. The EIA will release its weekly report on petroleum supplies on Friday, instead of Wednesday.