Spot Crude Oil is currently trading just over $81 a barrel, after visiting higher prices during yesterday's trading. The US Existing Home Sales report helped lift oil prices, after analysts were pleased that the report showed only a slight decline in home sales. However, during after-hours, the price pared a portion of its gains.
Crude Oil's price, recently, is moving within a very narrow range of $77-$83 a barrel. Investors appear nervous about the recovery of the global economy. Ending the uncertainty about Greece may also lift oil prices. Today, however, traders will pay attention to this week's U.S. oil inventory data, due at 14:30 GMT. The forecast is for an increase of 1.3M barrels, any figure below the forecast should influence the price higher.