The price of crude oil has soared recently, largely due to an increase in U.S. demand during the busy summer months. In addition, a decrease in U.S. supplies has helped fuel the price increase. Crude oil shot up from 71.70 yesterday morning, to its current level of 74.65. Analysts are forecasting prices to continue to rise as more and more Americans take vacations and drive up demand. The U.S. is the world's largest oil consumer, and demand reaches its peak during the summer months.

Today, the U.S. Crude Oil Inventories report, set to be released at 15:00 GMT, is forecasted to come in around -1.8 M. Should the report come in at or around this level, traders can expect crude prices to continue to rise in afternoon and evening trading.