An unexpected drop in U.S. crude oil inventories helped elevate the commodity past the $86.00 level in early morning trading today. In addition, with the Dollar currently trading quite bearishly, commodities in general have been able to take advantage of the return to risk taking.
Today, traders will want to note the results of the different U.S. economic reports. Any positive news for the American economy would likely lead to a drop in crude oil prices. That being said, with investors scrambling for higher yielding currencies over the last few days, the price of crude could continue to increase as a result.