Following Wednesday's news that U.S. Oil inventories unexpectedly fell last week, prices increased somewhat significantly to the current level of 73.90. Investors hoping for prices to remain at or near the $74.00 level were pleasantly surprised by yesterdays report. Typically when inventories fall, demand goes up, thereby driving up prices.
Today, Crude traders will want to pay attention to any U.S. Dollar movement. If the Dollar continues to make gains, Oil prices may drop. A strong Dollar usually drives investors away from alternative investments like Oil. That being said, any worse then expected U.S. economic news could result in solid Oil gains in trading today.