Spot Crude Oil traded higher after Monday's trading session. This puts an end to the 3 consecutive day skid in Crude Oil prices. The commodity climbed higher due to a late day rise in U.S. equities. Crude Oil was trading at $74.90 after opening the day at $74.54. At one point in the day prices dropped to a new month low at $74.02.
Driving prices higher was a late session rally in U.S. equities after the market shrugged off lower than expected existing home sales numbers. Also the assessment of Ben Bernanke's expected confirmation for a second term as Fed Chairman helped spark a price rally.
Despite the rise in prices today, concerns of future demand still weigh on the market. Last week the Chinese government took steps to slow economic growth in the country. This hurt Crude Oil prices and left spot crude oil prices down 5% for the week.