Oil prices rose slightly on Wednesday as Organization of Petroleum Exporting Countries (OPEC) said that the world would consume more Crude Oil in 2010 than previously expected. OPEC revised its previous estimates for global Oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month's estimate.
For the past several months, the weak Dollar has helped keep Oil prices high despite a slump in American consumption. Crude Oil prices tend to rise when the Dollar weakens and makes Oil cheaper for investors holding stronger currencies like the EUR. With regards top today's trading, traders should pay attention to the Crude Oil Inventories report, as it tends to have a large impact on Crude Oil's prices, especially in the short-term.