Crude Oil futures ended above $70 a barrel Monday, after an optimistic survey of the U.S. services sector reignited hopes for economic recovery. Crude Oil prices were also boosted by a rally in equities. Oil for November delivery climbed 46 cents to settle at $70.41 a barrel Monday. Futures have traded between $65.05 and $75 since Aug. 1.
Also helping Crude was the U.S. Dollar's decline against most major currency counterparts after finance ministers from the Group 7 nations made no specific mention of the currency in a communiqué at their weekend meeting, disregarding its weakening status.
Along with Dollar levels, traders should also pay attention to third-quarter company earnings reports which will begin to be published this week since Oil levels are highly correlated with equity movements.