Crude Oil prices shot up over $2 a barrel yesterday following a report stating that U.S. supplies have fallen significantly lower than anticipated. America is the world's largest energy consuming nation. When supplies are down there, prices typically rise in order to compensate for an increase in demand. Prices were further elevated due to severe winter weather in the Eastern part of the country.

Currently crude oil is trading at around $77.25. Traders will want to wait and see how the market reacts to the U.S. news events set to be released today in order to further gauge the direction oil will take. If the news negatively reflects on the pace of the American economic recovery, crude prices will likely continue to rise. Conversely, if the reports released today are positive, crude may retreat from its current high levels.