Crude oil prices rose significantly yesterday. A barrel of crude oil was traded for $71.50 as yesterday's session began, however as the trading day progressed, crude oil rose further and further, ultimately reaching $74.05 a barrel.
Two main reasons led to the bullish trend of crude oil yesterday. The first reason is the increased risk appetite which was observed in the market today. Speculations regarding a possible rescue plan for Greece have turned investors to look for higher-yielding assets, such as crude oil. The second reason was the slide of the Dollar. Crude oil is valued in USD, and as such, when the Dollar drops sharply, crude oil tends to rise in accordance.
Looking ahead to today, traders are advised to follow the U.S. Crude Oil Inventories report, scheduled for 15:30 GMT. This report measures the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. If the end result will fail to reach expectations for 1.4M barrels, crude oil is likely to be supported.