Crude oil prices continued to rise for the 4th day straight, following a report from the U.S. Energy Department saying that global demand will likely increase in 2010. Several other factors, including a possible EU bailout for Greece and fresh U.S. sanctions on Iran, helped drive prices up. Currently crude is trading around the 74.80 level.
Today, traders can expect the rise in oil prices to continue, especially following the results of the EU summit. Any positive American economic indicator, such as the upcoming unemployment data, could also cause prices to rise. Finally, the recent batch of heavy winter weather in the United States has driven up demand for oil, leading to an increase in crude prices.