Oil is currently trading around the 86.50 level, slightly down from overnight trading. Unexpectedly positive U.S. Pending Home Sales data helped boost Crude prices yesterday, a continuation of the surge caused by Friday's unemployment report. Crude Oil has recently reached an 18-month high. Providing prices can stay above $85 a barrel today, analysts are forecasting an even greater increase in prices. That being said, recent Dollar gains indicate that a downward correction for oil may be imminent. Traders will want to carefully watch the direction oil takes versus the Dollar in trading today.
