Crude oil rose more than $1 to $80.20 a barrel after Federal Reserve Chairman Bernanke said the U.S. economy is in a “nascent” recovery that requires low interest rates to encourage demand by consumers and businesses.

Oil climbed 1.5% as Bernanke told the House Financial Services Committee that private-sector demand growth for goods and services will fuel the rebound. The Energy Department reported oil supplies gained 3.03 million barrels last week to 337.5 million, the highest level since November.

As for today, traders are advised to watch carefully the leading stock markets and the major economic indicators which will be published from the U.S. and Euro-Zone in order to predict the next movement in oil prices.