Crude Oil made significant gains on Monday, as much positive data was released from the U.S. economy. The most important of these was both manufacturing and housing data. This resulted in a U.S. stock market rally and a selling-off of the greenback. The effect of this was a rally in Crude Oil, which lasted throughout much of yesterday's trading. Crude closed higher by around $0.80 at the $78.28 level.
Today offers much important opportunities for Crude Oil traders. There is the opportunity to make big profits, as traders seek o take advantage of the optimism on the back of a global economic recovery, led by the U.S. A fall in the USD today could further help Crude Oil prices yet again today. For now, it is advised that you open your positions in Oil, whilst volatility is still low.
